A record number of Americans classify as the poorest poor, according to a new report. Right now, 1 in 15 Americans live at least 50% below the official poverty level of $22,314 per annum for a family of four. That’s making do with about $11,000 a year split between four people.
The stark statistic comes from newly released Census data.
“Recessions are supposed to be temporary, and when it’s over, everything returns to where it was before,” Robert Moffitt, a professor of economics at Johns Hopkins University told the AP. “But the worry now is that the downturn – which will end eventually – will have long-lasting effects on families who lose jobs, become worse off and can’t recover.”
He added, “There now really is no unaffected group, except maybe the very top income earners.”