Poverty and Income
Social Security Keeps 20 Million Americans Out of Poverty
"Without Social Security benefits, 45.2 percent of elderly Americans would have incomes below the poverty line, all else being equal. With Social Security benefits, only 9.7 percent are poor. Some 13.2 million elderly Americans are lifted out of poverty by Social Security....
"Social Security reduces elderly poverty dramatically in every state in the nation....
"In all, 1.1 million children are lifted out of poverty by Social Security." Read more
Related:
Income Gaps Between Very Rich and Everyone Else More Than Tripled In Last Three Decades
“The gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest fifths of the country more than tripled between 1979 and 2007 (the period for which these data are available), according to data the Congressional Budget Office (CBO) issued last week. Taken together with prior research, the new data suggest greater income concentration at the top of the income scale than at any time since 1928.
“While the recession that began in December 2007 likely reduced the income of the wealthiest Americans substantially and may thereby shrink the income gap between rich and poor households, a similar development that that occurred around the bursting of the dot.com bubble and the 2001 recession turned out to be just a speed bump. Incomes at the top more than made up the lost ground from 2003 to 2005.” Read more
Topics
Basics
The poverty line, the federal government’s estimate of the minimum income needed to achieve an adequate standard of living, is $21,200 for a family of four in 2008. The federal minimum wage is currently $6.55 per hour, though many states (and some municipalities) have set their own minimum wages at a higher level.
Featured Experts
The Center analyzes major economic developments affecting low- and moderate-income Americans, including trends in poverty, income inequality, and the working poor. In addition, we analyze the asset rules in various public benefit programs that can discourage low-income people from building modest savings and highlight potential reforms.
New
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Podcast: Social Security Reduces Poverty
August 17, 2010
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Social Security Keeps 20 Million Americans Out of Poverty:
August 11, 2010
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The Food Stamp Program Is Effective and Efficient
July 23, 2010
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Video Clip: RT TV Interviews Arloc Sherman on the Income Gap Between the Rich and the Poor
July 14, 2010
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Video Clip: CNN cites the Center on the Income Gap Increase Over the Last Three Decades
July 9, 2010
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By the Numbers
