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The Associated Press reports that “the number of Americans with incomes at or below 125 percent of the federal poverty level – the income limit for qualifying for legal aid - is expected to reach an all-time high of 66 million this year. A family of four earning 125 percent of the federal poverty level makes about $28,800 a year, government figures show.”
And this chart, courtesy of the Wall Street blog Zero Hedge:
The takeaway: Americans are falling into poverty at a rapid rate, and have been for at least the past 8 years. As the rich get richer and the poor get poorer, inequality has risen to an all time high.
As Kulture Kritick previously reported, nowhere has the impact of the Great Recession been felt more than in the black community.