How the poor get dinged at every turnDuring the 1980s, 13% of Americans age 40 to 50 spent at least one year below the poverty line; by the 1990s, 36% did.
Since 2000, the number of Americans living below the poverty line at any one time has steadily risen. Now 13% of all Americans—37 million—are officially poor.
Among households worth less than $13,500, their average net worth in 2001 was $0. By 2004, it was down to –$1,400.
Bush’s tax cuts (extended until 2010) save those earning between $20,000 and $30,000 an average of $10 a year, while those earning $1 million are saved $42,700.
In 2002, Sen. Charles Grassley (R-Iowa) compared those who point out statistics such as the one above to Adolf Hitler.
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