Median Income and Poverty Rate Hold Steady, Census Bureau FindsSubmitted by DeMolay on Tue, 09/17/2013 - 14:30
Last year, for the first time in half a decade, median household income did not fall and poverty did not rise, the Census Bureau said Tuesday in the release of its major annual report on poverty, insurance and earnings.
The report depicts an economy that has failed to improve the lot of most households and left about 46.5 million Americans living in poverty in 2012.
“The poverty and income numbers are a metaphor for the entire economy,” said Ron Haskins of the Brookings Institution. “Everything’s on hold, but at a bad level.” He added, “Don’t expect things to change until the American economy begins to generate more jobs.”