New U.S. Census Data show that the number of families living in poverty was higher in 2007.
The number of those living in poverty increased by 816,000 in 2007, and overall median income was modestly up.
According to the Center for Budget and Policy Priorities, "This marks the first time on record that poverty and the incomes of typical working-age households have worsened despite six consecutive years of economic growth The new data show that in terms of poverty and median income, the economic expansion that started at the end of 2001 was the worst on record. The data provide fresh evidence that the gains from the expansion were quite uneven and flowed primarily to high-income households."
How does the government define poor?
Annual income for a family of three must be below $16,530 for a three-person family, this is $1,380 a month. For a family of four, income must be below $21,200 a year, or $1,770 a month.
These among many other economic factors make this upcoming election very important for the future of our children. do you know the candidates positions on the economy?
Check it out!
Barrack Obama's Economic Plan
Joh McCain's Economic Plan