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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-12-09 06:58 PM
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Millions More Thrust Into Poverty
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Source: Washington Post

new comprehensive economic survey shows that the recession has plunged 2.6 million more Americans into poverty, wiped out the household income gains of an entire decade and pushed the number of people without health insurance up to 46.3 million.

The grim economic statistics unveiled Thursday in the Census Bureau's annual report on income, poverty and health insurance are destined to grow bleaker. Since the data were collected in the spring, millions of people have lost their jobs.

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"We've basically seen a lost decade," said Lawrence Katz, an economist at Harvard University. "We had a plutocratic boom. Then we have egalitarian recessions. Taken together, only the top ends up growing, on average. For the typical American family, the 2000s have been a disaster."

The income loss is the largest one-year decline on record, said Lawrence Mishel, president of the liberal Economic Policy Institute, tracing it to the number of people shifting from full-time jobs to part-time work.

Although incomes went down for all races, Hispanics experienced some of the biggest losses. Income declined 5.6 percent for Hispanic households, 4.4 percent for Asians, 2.8 percent for African American families and 2.6 percent for non-Hispanic whites. Hispanics and Asians also showed the biggest increases in poverty rates.

Read more: http://www.washingtonpost.com/wp-dyn/content/story/2009...
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