The U.S. recorded its sharpest spike in the poverty rate since the 1960s, with 8 million Americans being added to the government designation of poor by the end of 2020.
Black Americans were hit the hardest during this time period. The poverty rate for Black Americans jumped by 5.4 percentage points, meaning that about 2.5 million more Black individuals are now considered poor by official government classification. The overall U.S. poverty rate, according to this latest study, sat at about 11.8 percent in December 2020.
Black Americans surveyed in December were more than twice as likely to be considered poor as white Americans. That data is actually an improvement from the 2020 summer months, when Black Americans were three times more likely to be living in poverty. Black Americans have consistently been about three times as likely to be living in poverty compared to white Americans for almost all of the past six decades.
Where are America’s richest in times of need? Don’t ask what your country can do for you, but what YOU can do for your country!
😎👁
Thank lockdowns for that, and remember who their greatest proponents are.
Even before the pandemic, Trump’s economic policies were projected to add about $10 trillion to the national debt by 2025, an increase of more than 50%.
On the bright side at least Harriet Tubman will be on the $20.....😐
COVID’s collateral damage.
Trump cut the Corp. tax rate by 40%. He promised that these cuts would be “rocket fuel for our economy,” but growth stayed at about 2.9%, the same as it had been in 2015, and more than 60% of the benefits from the cuts went to those at the top 20% of the economic ladder.
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