Poverty In America: Some Good News
The current expansion has just entered its 35th quarter--on its way to becoming the longest in U.S. history. Of all the economy's achievements, perhaps none is more important than the improvement being made in the lives of the very poor. The Census Bureau's latest report contains much good news: the poverty rate is the lowest in 10 years, annual income for the poorest fifth of black households has jumped by 20% since 1992, and income inequality has finally stopped worsening. After three decades of decline, real wages are at last rising in response to America's tight job market.
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