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US income gap widens as poor take hit in recession

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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-29-09 08:48 AM
Original message
US income gap widens as poor take hit in recession
Source: AP

WASHINGTON – The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets.

The wealthiest 10 percent of Americans — those making more than $138,000 each year — earned 11.4 times the roughly $12,000 made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio was an increase from 11.2 in 2007 and the previous high of 11.22 in 2003.

Household income declined across all groups, but at sharper percentage levels for middle-income and poor Americans. Median income fell last year from $52,163 to $50,303, wiping out a decade's worth of gains to hit the lowest level since 1997.

Poverty jumped sharply to 13.2 percent, an 11-year high.

Read more: http://news.yahoo.com/s/ap/20090929/ap_on_go_ot/us_census_income_gap
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Crazy Dave Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-29-09 08:51 AM
Response to Original message
1. Millions without jobs, healthcare or homes
Do a Google on the new and growing tent cities across the US that Washington and the media are ignoring. You have to find the information on blogs and on foreign media websites.
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Triana Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-29-09 10:33 AM
Response to Reply #1
3. It's amazing what they choose NOT to report on isn't it? In favor of rabid teabaggers
and schoolyard bullies who want things to stay like that.
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Autumn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-29-09 08:56 AM
Response to Original message
2. Good thing the economy has improved
since the bailouts, or we would really be hurting.:crazy:
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FlyByNight Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-29-09 12:16 PM
Response to Original message
4. See? Friedmanism does work.
Edited on Tue Sep-29-09 12:16 PM by FlyByNight
HEAVY :sarcasm:
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