The Real Numbers: Half of America in Poverty — and It’s Creeping toward 75%

Source: AlterNet
The Census Bureau has reported that one out of six Americans lives in poverty. A shocking figure. But it’s actually much worse. Inequality is spreading like a shadowy disease through our country, infecting more and more households, and leaving a shrinking number of financially secure families to maintain the charade of prosperity.
1. Almost half of Americans had NO assets in 2009
Analysis of  Economic Policy Institute data shows that Mitt Romney’s famous  47 percent, the alleged ‘takers,’ have taken nothing. Their debt exceeded their assets in 2009.
2. It’s Even Worse 3 Years Later
Since the recession, the disparities have continued to grow. An  OECD report states that “inequality has increased by more over the past three years to the end of 2010 than in the previous twelve,” with the U.S. experiencing one of the widest gaps among OECD countries. The 30-year  decline in wages has worsened since the recession, as low-wage jobs have  replaced formerly secure middle-income positions.
3. Over half of Americans are now IN poverty.
According to IRS data, the average household in the bottom 50% brings in about $18,000 per year. That’s less than the  poverty line for a family of three ($19,000) or a family of four ($23,000).
4. 75% of Americans are NEAR poverty.
The average household in the bottom 75% earns about  $31,000 per year. To be eligible for food assistance, a family can earn up to  130% of the federal poverty line, or about $30,000 for a family of four.
Incredibly, Congress is trying to  cut food assistance. Republican Congressman Stephen Fincher of Tennessee referred to food stamps as “stealing.” He added a Biblical quote: “The one who is unwilling to work shall not eat.” A recent  jobs hearing in Washington was attended by  one Congressman.
5. Putting it in Perspective
Inequality is at its ugliest for the hungriest people. While food support was being targeted for cuts, just  20 rich Americans made as much from their 2012 investments as the entire  2012 SNAP (food assistance) budget, which serves 47 million people.
And as Congress continues to cut life-sustaining programs, its members should note that their 400 friends on the Forbes list made more from their stock market gains last year than the total amount of the  food, housing, andeducation budgets combined.
Mr. Fincher should think about the tax breaks that allow this to happen, and then tell us who’s stealing from whom.