Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/13/2012 (3 years ago)

Catholic Online (

Median household income dropped after accounting for inflation for second year in a row

For the past year, poverty levels in the United States - families and household that are living below the federal guidelines - has remained the same. That's the good news. However, many families are now making do with less - spurring fears that they soon will join the poor.

Following three straight years of increases, the number of Americans living below the poverty line remained the same in 2011.

Following three straight years of increases, the number of Americans living below the poverty line remained the same in 2011.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

9/13/2012 (3 years ago)

Published in Business & Economics

Keywords: Poverty, median level, health insurance, Census

LOS ANGELES, CA (Catholic Online) - "At a time when the poverty rate is stuck at a very high level, federal and state governments are broke, politicians are talking about reducing taxes, programs for the elderly are crowding out programs for working-age families, and a struggling middle class is in no position to help those trying to join their ranks. It is very simply a terrible time to be poor," Isabel V. Sawhill, senior fellow at the left-leaning think tank The Brookings Institution says.

Following three straight years of increases, the number of Americans living below the poverty line remained the same in 2011.

There's another bright spot: According to data released by the Census Bureau, the number of Americans with health insurance increased in 2011.

Officials say that 260.2 million Americans, or 84.3 percent, had health insurance coverage in 2011. That's up from 256.6 million, or 83.7 percent, in 2010. The percentage of people with government health insurance increased.

The bureau reported that about 46.2 million people lived in poverty last year, approximately the same as the prior year's record levels. Median household income dropped for a second time in a row, after accounting for inflation, shedding 1.5 percent to $50,054 from the 2010 median. Families were hardest hit, the government said. Their real median household income fell 1.7 percent, to $62,273.

Wages in American households dwindled by 8.1 percent versus 2007, the year before the deepest recession since the Great Depression officially began. Income was 8.9 percent lower than it was in 1999.

The report painted a mixed picture of the economy ahead of the presidential election in November that pits President Barack Obama, a Democrat, against former Massachusetts Governor Mitt Romney. Romney has assailed Obama for his record on the economy. Obama has been countering by asking Americans for more time to fix the economic problems he says he inherited from his predecessor.

Households that include people who are white or black were harder hit than Hispanic and Asian households, the report said.

The biggest declines in household median income were in the West, while other regions of the country weren't as hard hit.

For women, the income gap remained the same last year vs. the year before. The Census Bureau reported that women who worked full-time, year-round made 77 percent of what men made. But real median wages for both genders declined last year by 2.5 percent.



Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Business & Economics

7 ways to bring your family out of debt Watch

Image of


There are a lot of ways the improper handling of finances can jeopardize you and your family. The cost-of-living continues to get higher yet your income doesn't. How can you make ends meet? LOS ANGELES, CA (Catholic Online) - Fear not! You can regain control of your ... continue reading

3 easy ways to save money and pay off debt Watch

Image of


Work and play, earn and spend -It's the way the economy survives, but what about your survival? If you're having trouble saving money, don't have a dedicated savings account or just don't know how to stop spending, you may have a problem. LOS ANGELES, CA (Catholic ... continue reading

Is the stock market in trouble? Historical market turndowns following papal visits Watch

Image of Papal visits versus the stock market were reviewed.


As Pope Francis visits the United States, historical data of visits from his predecessors to the United States were linked to several market downturns in the US. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - Pope Francis made his historical visit to the United ... continue reading

Construction of high-speed rail between L.A., Las Vegas approved by U.S., China Watch

Image of Signed before Chinese President Xi Jinping's state visit to the U.S., the project is a milestone in China's efforts to market its high-speed rail technology in advanced economies.

By Catholic Online (NEWS CONSORTIUM)

A joint venture to build a high-speed railway linking Las Vegas and Los Angeles has been agreed upon. The project will be the first Chinese-made bullet-train project in the U.S. LOS ANGELES, CA (Catholic Online) - XpressWest Enterprises LLC, along with a China ... continue reading

PENDING FED DECISION: U.S. may be due for the first rate hike in 10 years Watch

Image of A relative

By Catholic Online (NEWS CONSORTIUM)

The Federal Reserve may have to make a very hard decision shortly. "If the Open Market Committee takes the plunge, it will be the first US rate hike in nearly 10 years," Telegraph columnist Jeremy Warner says. LOS ANGELES, CA (Catholic Online) - It will be the ... continue reading

Bear market looms, Yale University market scholar warns Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

There is widespread concern that U.S. stocks are overvalued, which will lead to a ferocious bear market unseen since the "Dot-com" bubble burst in 2000. According to research by Yale University market scholar and Nobel economics laureate Robert Shiller, while ... continue reading

Job participation rate in U.S. at 38-year low Watch

Image of According to Bureau of Labor Statistics, the nation's civilian non-institutional population - which means that all people 16 years of age or older who were not in the military or an institution -- reached 251,096,000.

By Catholic Online (NEWS CONSORTIUM)

Americans not participating in the labor force jumped by a whopping 261,000 more in August than there was in July. The participation rate in U.S. labor remained at 62.6 percent, a 38-year low, for a third straight month in August. These are "cheerful" ... continue reading

Islamic State attempts to replace the U.S. dollar with gold coins Watch

Image of A five denar piece featuring a picture of seven wheat stalks, representing the

By Kenya Sinclair (NEWS CONSORTIUM)

The Islamic State has announced it will be producing gold currency with the goal of weakening the dollar. LOS ANGELES, CA (Catholic Online) - A video posted Saturday, August 29th by the Islamic State warns that replacing the dollar will be "the second blow to America's ... continue reading

Art collectors seek liquidity as market plummets Watch

Image of Picasso piece auctioned for a record $179.4 million.


Inquiries about art loans reportedly increased after global equities plunged. The unfortunate event led many to view their collections as assets and investment to cash-in.  MUNTINLUPA, PHILIPPINES (Catholic Online) - Bloomberg Business reports many collectors and ... continue reading

BIRTHING PAINS - America on brink as markets plunge Watch

Image of Market collapse is just one of many signs that the end is approaching. What comes next?

By David Drudge, Catholic Online (NEWS CONSORTIUM)

The U.S. stock market opened with a bang on Monday, and it appears to be the same sound you hear when something catastrophic happens to your engine. Several commentators have already dubbed the day, "Black Monday" as the market appeared to be on track for its largest ... continue reading

All Business & Economics News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Saint of the Day

Saint of the Day for October 4th, 2015 Image

St. Francis of Assisi
October 4: Founder of the Franciscan Order, born at Assisi in Umbria, in ... Read More