46 Million Americans in Poverty

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In a recent article from Affordable Housing Finance, LIIF president and CEO Nancy O. Andrews weighed in on the recent findings from the new Census Bureau report on poverty, Income, Poverty, and Health Insurance Coverage in the United States: 2011.

The recently released data on poverty for 2011 reveals that 46.2 million people, or about one in six Americans, lived in poverty last year. In the past six years, the number of poor Americans has grown by five million and inequality has reached historically high levels.

Ms. Andrews notes that, “What concerns me most is that a lot of the growth has been among children—in fact one in five children is growing up poor. In addition, disparity in incomes among Americans is growing, a trend that is eroding the middle class. This gap has significant implications for our future economic prosperity, at a time when we can least afford it.” Recent estimates indicate that persistent childhood poverty costs America nearly $500 billion each year, or about 4 percent of the nation’s Gross Domestic Product.

Read the full article at Affordable Housing Finance
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Source: Affordable Housing Finance