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The recession has battered living standards

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The Census Bureau has completed a survey of living standards in the US as of 2008. Keep in mind that these numbers do not reflect the added damage done to families during the current year.

As you might expect, the rich got richer and the poor got poorer. Here are some numbers in the survey:

  • Among the rich, the "best off" 5% got 21.5% of income up from 21.2% a year earlier.
  • 50% of all income went to the top fifth of our incomes.


The rest of us got poorer.

  • Median incomes fell 3.6% to $50,303 year over year, the steepest drop in 40 years.
  • The poverty rate increase to 13.2%
  • People covered by government insurance rose by 4.4 million because of a loss of health care benefits.
  • The "working poor" rose by 2.6 million
  • Poverty age 18 and 64 grew 11.7& for 10.9%
  • Children are the worst off. with a poverty rate of 19% (poverty is defined as an income lower that $22,000 per year for a family of four.)
  • There was a 40% surge in food stamps.
  • 54 million are under 125% of the poverty line, 3 million more than 2007.
  • Among race groups the largest drop in incomes lost was for Hispanics, - 5.6%. Next were Asians, -4.4%, followed by blacks -2.8% and non Hispanic whites -2.6%
  • Men fared better than women. Male incomes fell 1% to $46,367, while female incomes fell 1.9% to $36,745.

When this year's carnage is added to these numbers the damage will be staggering. Unemployment is pushing 10% and 1.3 million Americans will lose their unemployment benefits this year, with more to come next year.

Will the US economy bounce back this year?

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Last updated: November 26, 2009: 02:50 AM

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