Poverty and Wealth
The United States is one of the world’s
wealthiest nations with one of the highest standards of living. In early 2010,
it was home to 413 billionaires, with a combined net worth of $ 1.4 trillion,
who were just the top of the pyramid of 7.8 million households with net worth
of $1 million or more. At the same time, millions of Americans live in
deprivation and hardship, a population that is rapidly growing in the current
economic collapse. Almost a fifth of American households have an annual income
of less than $20,000, and 15 percent of Americans live at or below official
poverty levels.
Official poverty statistics, in the U.S, as elsewhere in the world,
underestimate poverty; some analysts suggest that the “actual” poverty rate may
be closer to 30 percent. In 2008, 15 percent of households were categorized as
facing “food insecurity”, an increase from 11 percent the year before. More
than 40 million Americans rely on food stamps.
Many more hover on the brink of poverty, and cycle in and out of the
official statistics: over any 10-year period, about 40 percent of Americans
fall below the official poverty line. Poverty varies widely by race and sex; in
terms of broad demographics, the poorest of the poor in the US are Native
Americans and single female heads of families with children.
“Wealth” is not the same as “income.” It includes assets such as houses,
cars, boats, savings accounts, or investments. When an individual or household
loses income due to health problems, family breakup, or unemployment, it is
wealth that provides a safety net. Wealth is accumulated over time, or passed
on through inheritance, and is highly stratified by race and sex. For those
without wealth accumulation, social disadvantage is amplified from generation
to generation.
The wealth gap in the US is considerable and growing fast. The gap between
the wealth of women and men, for all races, is greater than the gap in income.
Unmarried minority women experience the largest wealth disadvantage.
Source: Reproduced from The Real State of America Atlas by
Cynthia Enloe and
Joni Seager, Penguin and University of California Press, 2011 ©
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