Gap Between Middle & Upper Income Families Widens

middleclass

Reposted from the Pew Research Center:

The wealth gap between America’s high income group and everyone else has reached record high levels since the economic recovery from the Great Recession of 2007-09, with a clear trajectory of increasing wealth for the upper-income families and no wealth growth for the middle- and lower-income families.

A new Pew Research Center analysis of wealth finds the gap between America’s upper-income and middle-income families has reached its highest level on record. In 2013, the median wealth of the nation’s upper-income families ($639,400) was nearly seven times the median wealth of middle-income families ($96,500), the widest wealth gap seen in 30 years when the Federal Reserve began collecting these data.

It could help explain why, by other measures, the majority of Americans are not feeling the impact of the economic recovery, despite an improvement in the unemployment rate, stock market and housing prices. In October, just one-in-five Americans rated the country’s economic conditions as “excellent” or “good,” an improvement from the 8% who said that four years ago, but far from a cheery assessment. And a new poll released this week found higher-income adults are hearing about better economic news than lower-income adults, with 15 percentage point difference between the two groups on the “good news” they’re hearing about the job situation, for example.

Read More….

Census Data: Poverty 2009-2012

0

You can explore who fell into poverty and who escaped poverty from 2009 to 2012, with “poverty entries” & “exits” data, based on a sample of 68,000 addresses. It includes redesigned questions for income and health insurance coverage, conducted by the U.S. Census Bureau.

2013 Findings:

  • In 2013, the official poverty rate was 14.5 percent, down from 15.0 percent in 2012. This was the first decrease in the poverty rate since 2006.
  • In 2013, there were 45.3 million people in poverty. For the third consecutive year, the number of people in poverty at the national level was not statistically different from the previous year’s estimate.
  • The 2013 poverty rate was 2.0 percentage points higher than in 2007, the year before the most recent recession.
  • The poverty rate for children under 18 fell from 21.8 percent in 2012 to 19.9 percent in 2013.
  • The poverty rate for people aged 18 to 64 was 13.6 percent, while the rate for people aged 65 and older was 9.5 percent. Neither of these poverty rates were statistically different from their 2012 estimates.
  • Both the poverty rate and the number in poverty decreased for Hispanics in 2013.
  • Despite the decline in the national poverty rate, the 2013 regional poverty rates were not statistically different from the 2012 rates.

Read more here.