WASHINGTON-The nation's poverty rate rose to 12.7 percent of the population last year, the fourth consecutive annual increase, the Census Bureau said Tuesday.
The percentage of people without health insurance did not change.
Overall, there were 37 million people living in poverty, up 1.1 million people from 2003.
Asians were the only ethnic group to show a decline in poverty - from 11.8 percent in 2003 to 9.8 percent last year. The poverty rate among the elderly declined as well, from 10.2 percent in 2003 to 9.8 percent last year.
The last decline in overall poverty was in 2000, when 31.1 million people lived under the threshold - 11.3 percent of the population.
But wait! Ignore these dour counterrevolutionary thoughts! Remember all of the good news you've been hearing! Remember how the Administration keeps telling you that the GDP is going up up up?
Tim Smeeding, an economics professor at the Maxwell School of Syracuse University, says the nation has experienced a shift from earnings income to capital income and capital gains, which aren't reflected in the Census Bureau's latest numbers.
"Most of that growth in the economy over the last couple of years has gone to higher income people and has taken the form of capital income - interest, rents, dividends,'' Smeeding said.
Good thing we had all those targeted tax cuts to stimulate the economy! I'm sure those foolish poor people would just squander their money on things like food and medicine anyway. After all, there must be a reason they're poor. They must not be very good people. The tax codes are perfectly fair and getting more fair every year that Dear Leader is in office. We need to make Dear Leader's bold and inventive tax cuts permanent so that this economic boom can continue. Then maybe we can all get jobs washing rich people's cars and cutting their lawns and picking up after their dogs! Truly, the future is bright with Dear Leader in charge!