Poverty vs Military Spendings - US
The number of US residents living in poverty edged up to 46.5 million in 2012, the latest sign that an economic recovery marked by a stock market boom has not trickled down to ordinary Americans.
Tuesday’s annual report from the Census Bureau highlighted the lingering scars from the 2007-2009 recession and added fresh fuel to debates over government austerity and widening income inequality. It could also renew calls to raise the minimum wage.
Although the number of people in poverty went up from 46.2 million in 2011, the national poverty rate was unchanged at 15 percent, the figures said. The poverty threshold in 2012 was an income of $23,492 for a family of four.
"Today's data underscore that it is time for Congress to pivot from a focus on austerity to an agenda emphasizing jobs and shared economic growth," said Neera Tanden, president of the Center for American Progress, a liberal policy group in Washington.
The recovery from the worst recession since the 1930s has been marked by a jump in stock prices to record highs, aided in part by the Federal Reserve's ultra easy monetary policy.
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