The Dow hit a new high today and...
Posted in the Minneapolis Forum
“I am always right.”
Since: Oct 09
Former MN Taxpayer
#1 Nov 6, 2013
The DJA hit a new high today.
At the same time...
Nov 6, 6:12 PM EST
Nation's poor at 49.7M, higher than official rate
By HOPE YEN Associated Press
WASHINGTON (AP)-- The number of poor people in America is 3 million higher than the official count, encompassing 1 in 6 residents due to out-of-pocket medical costs and work-related expenses, according to a revised census measure released Wednesday.
The new measure is aimed at providing a fuller picture of poverty but does not replace the official government numbers. Put in place two years ago by the Obama administration, it generally is considered more reliable by social scientists because it factors in living expenses as well as the effects of government aid, such as food stamps and tax credits.
Administration officials have declined to say whether the new measure eventually could replace the official poverty formula, which is used to allocate federal dollars to states and localities and to determine eligibility for safety-net programs such as Medicaid.
Congress would have to agree to adopt the new measure, which generally would result in a higher poverty rate from year to year and thus higher government payouts for aid programs.
Based on the revised formula, the number of poor people in 2012 was 49.7 million, or 16 percent. That exceeds the record 46.5 million, or 15 percent, that was officially reported in September.
The latest numbers come as more working-age adults picked up low-wage jobs in the slowly improving economy but still struggled to pay living expenses. Americans 65 and older had the largest increases in poverty under the revised formula, from 9.1 percent to 14.8 percent, because of medical expenses such as Medicare premiums, deductibles and other costs not accounted for in the official rate.
"The primary reason that poverty remains so high is that the benefits of a growing economy are no longer being shared by all workers as they were in the quarter-century following the end of World War II," said Sheldon Danziger, a University of Michigan economist.
"Given current economic conditions, poverty will not be substantially reduced unless government does more to help the working poor."
The Obama Administration's economic policies have been an abject failure.
Crony capitalism is not how you bring an economy's strength back. And wealth redistribution will only cause the successful to quit working hard because their earnings are not allowed to be kept.
What the government needs to do is quit over regulating business, get the hell out of the way, and let the greatest economic engine the world has ever seen, capitalism, take hold again.
Only then will you see a return to prosperity.
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