More Consumers Impoverished, Again
By George Anderson
A report from the Census Bureau says the poverty rate in America grew .4% last year over 2001. It marked the second consecutive year the number of Americans living in poverty
USA Today reports, “The official definition of poverty varies by family size and age and can change annually with the cost of living. In 2001, a family of two parents under 65
and two children younger than 18 were considered poor with a household income below $12,207. That year, 32.9 million people were defined as poor.”
Moderator’s Comment: Do you believe the middle-class is disappearing? What impact will growing poverty have on retailing?
It is all a matter of definition. In the NY metro area, we would have thought a single-adult paying for rent, food, etc. and making $12,207 a year would
be considered impoverished. How does one person live on that, never mind four?