2007 Poverty and Income Data

On August 26, 2008 the Census Bureau released new statistics on income and poverty for 2007, which was probably the last year of the Bush economic recovery. Unlike the previous 4 economic cycles, poverty remains higher and real income lower during this recovery than the end of the last economic cycle in 2000. For the nation as a whole, 816,000 more people were in poverty, a statistically insignificant increase from 12.3% to 12.5%. The child poverty rate (those under 18) climbed by more, from 17.4% to 18%. The rate for both all Blacks (from 24.3% to 24.5%) and Black children (from 33.4% to 34.5%) also rose. Both rates are the highest of any group in the report. The median household income increased for the nation by 1.3% to $50,233 and for blacks it increased by 3.2% to $33,916, but both figures are below the inflation-adjusted figures in 2000. As inflation increases and the economy slows, these numbers may only get worse in 2008.

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2007 Poverty-Income Statistics.pdf69.59 KB