One in seven Americans is living in poverty, the highest number in the half-century that the government has kept such statistics, the Census Bureau announced Thursday. Last year was the third consecutive year that the poverty rate climbed, in part because of the recession, rising from 13.2 percent in 2008 to 14.3 percent, or 43.6 million people, last year.
Asians were the only ethnic group whose poverty rate did not change substantially; every other race and Hispanics experienced increases in poverty rates.
In addition, 51 million Americans were uninsured, as the number of people with health insurance dropped from 255 million to less than 254 million -- the first decrease since the government started keeping track in 1987. The number would have been worse because 6.5 million fewer people got insurance through their jobs, but it was offset by a leap in government-backed health insurance. More than 30 percent of Americans now get coverage from the government.
"Given all the unemployment we saw, it's the government safety net that's keeping people above the poverty line," Douglas Besharov, a University of Maryland public policy professor and former scholar at the American Enterprise Institute, told the Associated Press.
The parent company of TGI Fridays, the casual dining chain, has filed for bankruptcy, the company...
American employers added 254,000 jobs last month in the penultimate jobs report before the US election,...
Boeing plans to lay off about 10% of its workers in the coming months, about 17,000...
