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Tuesday, August 30, 2005
Those Left Out by the Economic Growth
There is no question that America's economy is growing, especially when compared to the stagnation being experienced in Europe. But as the US Census Bureau reports today, the growth is not improving the standing of many -- if not most -- Americans.
Real median household income remained unchanged between 2003 and 2004 at $44,389, according to a report released today by the U.S. Census Bureau. Meanwhile, the nation’s official poverty rate rose from 12.5 percent in 2003 to 12.7 percent in 2004. The percentage of the nation’s population without health insurance coverage remained stable, at 15.7 percent in 2004. The number of people with health insurance increased by 2.0 million to 245.3 million between 2003 and 2004, and the number without such coverage rose by 800,000 to 45.8 million.Some at the top are clearly benefiting from the growth in the economy, but this report makes clear that there are many who are not gaining. And this is no liberal think tank, either; the census bureau has no reason to skew the results to show poor growth among the lower and middle classes. So one question clearly emerges: is this really the best economy we can create?
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