Yes, but as long as 50 million keep getting Gov. Assistance, I don't see it happening. It will take most of the middle class to lose their wealth before we get there. PMs are the only way to protect ones purchasing power.
It appears as though the numbers are steadily rising. At what population level, 15, 20, 25% will we reach the tipping point?
Old, but still interesting information.
A report covering 2009, Obama's first year in office says the poverty rate in the U.S. has climbed to 14.3 percent, or 43.6 million people.
Another report, also from 2009, by the National Academy of Science indicates that 1 in 6 Americans, or nearly 17%, are now in poverty. They put the overall number at 47.4 million Americans. That is 7 million more than the Census Bureau’s calculation. According to the Associated Press the Census number “does not factor in rising medical care, transportation, child care or geographical variations in living costs.”
An eye opening aspect of the new measure says that 18.7 percent of Americans over the age of 65 are in poverty.
Bearing in mind that somewhere in this time frame the measurement metrics were tweaked as they do for inflation and unemployment, according to the U.S. Census Bureau data released Tuesday September 13th, 2011, the nation's poverty rate rose to 15.1% (46.2 million) in 2010, up from 14.3% (approximately 43.6 million) in 2009 and to its highest level since 1993. In 2008, 13.2% (39.8 million) Americans lived in relative poverty. In 2000, the poverty rate for individuals was 12.2% and for families was 9.3%.