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Published:January 13th, 2011 15:41 EST
1 in 6 Americans Live in Poverty?

1 in 6 Americans Live in Poverty?

By SOP newswire2

Statistics released just last week indicated that unemployment and poverty in the United States might be much larger in the first two years of the Obama administration than had been previously reported.

Under a revised formula, the Census Bureau reported that the overall poverty rate in 2009 stood at 15.7 percent, or 47.8 million people, compared to the previously announced official 2009 rate of 14.3 percent, or 43.6 million, that the Census Bureau had reported in September, the Associated Press reported.

The revised figures result in the conclusion that one in every six Americans is now struggling in poverty.

The rise in poverty was most disturbing for Americans aged 65 and older, where the poverty rate nearly doubled, to 16.1 percent.

The Census Bureau further noted that without the earned income tax credit, the poverty rate under the revised formula would jump from 15.7 percent to 17.7 percent; without food stamps, the poverty rate would increase to 17.2 percent.

Gallup reported last week that underemployment hit 20 percent on March 15, 2010, up from 19.7 percent, with underemployment defined as being either unemployed completely or employed part-time but wanting full-time work.

Gallup estimated on March 15, 2010, unemployment was 10.3 percent, essentially the same as the 10.4 percent of March 1, but down from 10.8 percent in mid-February.

15 shocking poverty statistics

In September, Michael Snyder, writing on his Economic Collapse blog published 15 "shocking poverty statistics," a list that began with the two key findings summarized above:

1) Approximately 45 million Americans were living in poverty in 2009;

2) In 2010, the largest number of Americans was living in poverty since the government began calculating poverty figures back in 1959, despite trillions of dollars being spent since Lyndon Johnson declared a "War on Poverty" in 1965;

3) The U.S. poverty rate is now the third worst among the developed nations tracked by the Organization for Economic Cooperation and Development;

4) According to the U.S. Department of Agriculture, on a year-over-year basis, the number of households participating in the food stamp program has increased more than 20 percent;

5) The number of Americans on food stamps approached 43 million for the first time ever in December;

6) As of December, the number of Americans on food stamps had set a new all-time 27-year record, with one of every seven Americans now receiving food stamps;

7) One out of every six Americans is now being served by at least one government anti-poverty program;

8) More than 50 million Americans are now on Medicaid, the U.S. government health-care program designed to help the poor;

9) One out of every seven mortgages in the United States was either delinquent or in foreclosure during the first quarter of 2010;

10) Nearly 10 million Americans now receive unemployment insurance, is almost four times as many as were receiving it in 2007;

11) The number of Americans receiving long-term unemployment benefits has risen more than 60 percent in the last year;

12) Approximately 28 percent of all U.S. households have at least one member that is looking for a full-time job;

13) Nationwide, bankruptcy filings rose 30 percent in the 12-month period ending June 30;

14) More than 25 percent of all Americans now have a credit score below 599, marking them as poor risks for lenders;

15) One out of every five children in the United States is now living in poverty.

"We are now at a point where our anti-poverty programs are clearly unsustainable in the long-term, but nobody has a solution for how we are going to get all these people off of these programs or how we are going to provide jobs for all of them," Michael Snyder concluded.

`Food Stamp Nation`

In his commentary published in WND, Pat Buchanan called the United States a "Food Stamp Nation," pointing out that 1.7 million people in New York City, one in every five in the city, rely upon food stamps for daily sustenance.

"A less affluent America survived a Depression and a world war without anything like the 99 weeks of unemployment insurance, welfare payments, earned income tax credits, food stamps, rent supplements, day care, school lunches and Medicaid we have today," Buchanan wrote. "What we have accepted today is a vast permanent underclass of scores of millions who cannot cope and must be carried by the rest of society - fed, clothed, housed, tutored, medicated at taxpayers` expense for their entire lives."

He noted that we have a new division in America, "those who pay a double fare, and those who forever ride free."

Still, with hunger, poverty homelessness on the rise, Red Alert is reminded once again just how unsuccessful social welfare programs are at providing a government-aid solution to an economic problem that truly can only be resolved with jobs.

Truthfully, the problems of hunger, poverty and homeliness in the United States are approaching Depression-era levels, whether or not the Obama administration wants to admit it.


ABOUT THE AUTHOR: Jerome R. Corsi received a Ph.D. from Harvard University in political science in 1972. He is the author of the #1 New York Times bestselling books THE OBAMA NATION: LEFTIST POLITICS AND THE CULT OF PERSONALITY and the co-author of UNFIT FOR COMMAND: SWIFT BOAT VETERANS SPEAK OUT AGAINST JOHN KERRY. He is also the author of AMERICA FOR SALE, THE LATE GREAT U.S.A., and WHY ISRAEL CAN`T WAIT. Currently, Dr. Corsi is a Senior Managing Director in the Financial Services Group at Gilford Securities as well as a senior staff writer for WorldNetDaily.com.

ABOUT GILFORD SECURITIES: Gilford Securities, founded in 1979, is a full-service boutique investment firm headquartered in New York City providing an array of financial services to institutional and retail clients. From investment banking and equity research to retirement planning and wealth management services, our financial experts are prepared to accommodate the needs of investors. For more information about Gilford Securities please visit, Click Here: http://www.gilfordsecurities.com/financial-services-group.php

The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect Gilford Securities Incorporated`s views, opinions, positions or strategies. Gilford Securities Incorporated makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information expressed herein  and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.

ABOUT RED ALERT: Jerome Corsi`s RED ALERT is your weekly, global financial strategies newsletter. Designed to be your guide to economic trends in the best of times and the worst of times, it is edited by New York Times best-selling author Jerome Corsi, Senior Managing Director of the Financial Services Group at Gilford Securities as well as a WND senior staff writer and columnist. For 25 years, Corsi worked with banks throughout the U.S. and the world developing financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. Corsi developed three third-party financial services marketing firms that reached annual gross sales levels of $1 billion in annuities and equal volume in mutual funds. Corsi received his Ph.D. in political science from Harvard University in 1972.

By Dr. Jerome Corsi
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