The rich get rich and the poor get poorer
Today the U.S. Census Bureau released their latest statistics on the national poverty rate, and the data show a considerable rise in poverty, especially in comparison to the rapid growth in wealth of the highly paid.
In 2010, 15.1% of Americans were below the poverty level, the highest level since the economic downturn of 1993. What is most disturbing is the racial makeup of these data. The poverty rate for African Americans stands at 27.4%, Native Americans at 28.3% and Hispanic Americans at 26.6%. It is even more disheartening knowing that now almost 7% of the population is living at less than 50% of the poverty level.
Furthermore, the overall 15.1% U.S. poverty rate places us at a higher level of poor people than countries like Syria, Vietnam, Thailand, Serbia, Libya and Tunisia.
At the same time, the rich people in America are becoming much richer.
According to the Census Bureau, the lowest limit of income for the upper 5% of earners stood at $181k in 2010. This compares to a $105k lowest limit in 1993 – a 73% increase.
I guess this means The American Dream is still alive – If you can afford it.