As Obama begins his second presidential term, new figures released on the U.S. poverty rate indicate that almost 50 million Americans, or more than 16 percent of the overall population, are struggling to survive in the stagnant economy.
New figures released by the Census Bureau this week found a spike in poverty numbers last year, going from 49 million in 2010 to 49.7 million last year. The numbers may come as a surprise to Congress, which estimated in September that the poverty rate would drop to 46.2 million. One of the most startling findings showed that almost 20 percent of American children continue to live in poverty.
Yeah, it’s called persistently high unemployment, spurred by a market that’s hesitant to expand their businesses. Why are they not expanding, which, note, is what stimulates job growth? Duh. Because they have a $1 trillion tax hike hovering over their head.
It’s a simple economic equation. They’re waiting to see what their budget will look like after they, potentially, see a decrease in revenue. The Dems should look at it that way. A tax hike is the same thing as a loss in revenue.
I’m not a business owner employing 1,000 employees, but I’m thinking, only an idiot would expand and start hiring hundreds of new employees when Congress and the President are threatening a tax hike. The fact that unemployment remains high — which, note that recessionary job growth is historically much more progressive than during good economic conditions — is absolutely pathetic. We should have an unemployment rate, at a bare minimum, of 6 percent.
The numbers found that Hispanics and people living in urban areas had a higher chance of struggling to make it financially. Poverty among full-time and part-time workers also saw a jump from its 2010 numbers.
And these chumps, at least, the voter segment as a whole, voted for the guy.