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Thursday, November 15, 2012

The Obama Economy: U.S. Poverty Rate Spikes To Nearly 50 Million

By Susan Duclos

The Census Bureau, with support from the Bureau of Labor Statistics, today released its second annual report, The Research Supplemental Poverty Measure: 2011,which found that despite estimates in September  that the poverty rate would drop to 46.2 million, instead it spiked to 49.7 million. (Page 7 of the PDF)

 New figures released by the Census Bureau this week found a spike in poverty numbers last year, going from 49 million in 2010 to 49.7 million last year. The numbers may come as a surprise to Congress, which estimated in September that the poverty rate would drop to 46.2 million. One of the most startling findings showed that almost 20 percent of American children continue to live in poverty.
 That is 16 percent of the population who are now living in poverty.

Barack Obama continues to tout "jobs created" but as conservatives have been pointing out time and time again, the jobs created are not of the same caliber of the jobs lost.

Via AP:

 “We’re seeing a very slow recovery, with increases in poverty among workers due to more new jobs which are low-wage,” Timothy Smeeding, a University of Wisconsin-Madison economist who specializes in poverty, told The Associated Press

 Quote of the day from Political Forum:

So, lets see what happens now that Obama's entering his second term with his 4 year recovery well under way. A recovery that accounts for 50mil living in poverty, 47 mil receiving food stamps, $3+ gas prices, only 4 in 10 American adults employed, a 16+ trillion dollar debt and dismal expansion of GDP.

Just think, America has to survive four more years of the Obama Economy.