Friday, August 24, 2012

Poverty levels no longer relevant as more Americans crash through economic barrier

For decades, the government determined poverty level was the standard for many economic policies legislated regarding welfare, tax breaks, and cultural divides.  But since the 2008 credit crisis, the number of Americans crashing below the poverty level is increasing so hard and fast, that poverty is now the new norm.


Chart courtesy of the Census Bureau, AP, and Zerohedge

 "the number of Americans with incomes at or below 125 percent of the federal poverty level - the income limit for qualifying for legal aid - is expected to reach an all-time high of 66 million this year. A family of four earning 125 percent of the federal poverty level makes about $28,800 a year, government figures show." - Associated Press via Zerohedge

The result is the systematic loss of the Middle Class in America, and the dependence of nearly 20% of all Americans on the government just to survive.  As this accelerates, the U.S. will quickly turn into a nation worse off than Spain or Greece, as the debt needed to sustain the welfare model will dwarf GDP in exponentional moves.

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