Wednesday, September 14, 2011

Are there really 15.1 percent of Americans really living in poverty?

A multi-millionaire who owns several houses (with servants' quarters), matching his and hers Bentleys, a luxury yacht, and a private jet could find himself listed as "in poverty" in the United States. In fact, Warren Buffet could easily find himself categorized as "in poverty."


Because the United State Census--where all those statistics are coming from telling us that 15.1 percent of Americans are living in poverty--takes account only of income for the year. So if a rich person shows a loss (which is quite common) or has fancy accountants who can reduce his adjusted gross income to below about $22,000 (assuming a family of four), he is counted as poor by the Census.

Go figure.

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