Thread: U.S. Suffers Sharpest Rise in Poverty Rate in More Than 50 Years

(Bloomberg) -- The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s, according to a study released Monday.

Economists Bruce Meyer, from the University of Chicago, and James Sullivan of the University of Notre Dame found that the poverty rate increased by 2.4 percentage points during the latter half of 2020 as the U.S. continued to suffer the economic impacts from Covid-19.


That percentage-point rise is nearly double the largest annual increase in poverty since the 1960s. This means an additional 8 million people nationwide are now considered poor. Moreover, the poverty rate for Black Americans is estimated to have jumped by 5.4 percentage points, or by 2.4 million individuals.

The scholars’ findings put the rate at 11.8% in December. While poverty is down from readings of more than 15% a decade earlier, the new estimates suggest that the annual Census Bureau tally due in September will be higher than the last official, pre-pandemic level of 10.5% in 2019.


Black Americans were more than twice as likely to be poor as their White counterparts in December -- an improvement from the summer months when they were nearly three times more apt to live in poverty -- but an increase from before the pandemic, when the differential was under 2.

Despite improvements in the overall poverty rate since the middle of the 20th century, Black Americans had been about three times as likely to be poor as White Americans for most of the past 60 years. The gap started to narrow after the financial crisis, during the longest economic expansion in history.


These December poverty estimates are based on survey data collected late in the month after some government relief measures expired. The researchers found that the stimulus checks the federal government issued in the spring helped forestall the poverty rate from rising even faster.


In late December, $900 billion in addition federal relief aid was passed, and President Joe Biden is asking Congress for an additional $1.9 trillion in stimulus.



U.S. Suffers Sharpest Rise in Poverty Rate in More Than 50 Years

So much winning.

In an August 13, 2020 Instagram interview with actor Matthew McConaughey, Dr. Fauci was asked (at point 16:49) if he had millions of dollars invested in the vaccines. Dr. Fauci laughed and answered, “Matthew, no, I got zero! I am a government worker. I have a government salary.” He didn’t mention his $417,608 salary was the largest in the entire federal government.

Dr. Anthony Fauci: The Highest Paid Employee In The Entire U.S. Federal Government
Dr. Anthony Fauci: The Highest Paid Employee In The Entire U.S. Federal Government

Originally Posted by misskit

The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s

Originally Posted by Paleo Robbie

It was bound to happen with Biden in charge , took him ten days to ruin the economy .

and you are another foqing stupid multinick

Originally Posted by lom

and you are another foqing stupid multinick

He is so titanically fucking retarded even his feeble attempts at trolling are a fucking disaster.

He didn’t mention his $417,608 salary was the largest in the entire federal government.

So you reckon he's overpaid?


Coaches corner ... the market

Sit with this fact for a bit: In 2017, 39 of the 50 states' payrolls were topped by a football or men's basketball coach.

JIM HARBAUGH, Michigan football

$9M

JOHN CALIPARI, Kentucky basketball

$7.1M

NICK SABAN, Alabama football

$6.9M

URBAN MEYER, Ohio State football

$6M

BOB STOOPS, Oklahoma football

$5.6M

JIMBO FISHER, Florida State football

$5.3M

CHARLIE STRONG, Texas football (former)

$5.2M

Highest paid state employees include NCAA coaches Nick Saban John Calipari Dabo Swinney Bill Self Bob Huggins (espn.com)



Na, don't really think so.

Originally Posted by sabang

So you reckon he's overpaid?

They are surely many others who earn much more, especially during these lockdown times.

But they do not have it so easy: the price of yachts are soaring, for the Van Goghs they want twice so more than last year, to name just few their troubles...

Originally Posted by lom

Originally Posted by misskit
The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s

Originally Posted by Paleo Robbie
It was bound to happen with Biden in charge , took him ten days to ruin the economy .

Actually, as nobody has doubted, his 10 days are showing a sharp improvement...

BBC
US economic decline not as bad as feared
Thu, January 28, 2021

The US economy shrank by 3.5% last year faring better than many other countries despite the heavy economic toll caused by the pandemic.

US economic decline not as bad as feared

Originally Posted by Paleo Robbie

It was bound to happen with Biden in charge , took him ten days to ruin the economy .

Did you read the report? It refers to 2020, when Trump was in charge. How far did you get in school again?

Originally Posted by Paleo Robbie

It was bound to happen with Biden in charge , took him ten days to ruin the economy .

It's just amazing how well the divide and conquer strategy works in the USSA. The same banker class owns both parties and rapes the country blind year after year. And the citizens just point fingers at each other