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.
And yet, the amount of wealth being generated by wage-slaves continue to grow and accumulate in tax sheltered accounts.
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