Many poor Americans fell deeper into poverty, according to a Pew Research Center analysis of U.S. Census Bureau data.
The official poverty rate was 12.7% last year, close to its pre-Great Recession level (12.5% in 2007). This represents 40.6 million people in poverty.
The share of the U.S. poor population in severe poverty – defined by the Census Bureau as those with family or individual incomes below half of their poverty threshold – reached its highest point in at least 20 years. It was 45.6% in 2016, up from 39.5% in 1996. As the share of poor families in severe poverty increased in recent years, these families also saw their incomes fall further below the poverty line.
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And yet, the amount of wealth being generated by wage-slaves continue to grow and accumulate in tax sheltered accounts.
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