Click here for a graph of the recently released Poverty Rate (1959-2003).
Bottom Line: The current U.S. Poverty Rate of 12.5% is down from over 22% in 1959 and over 15% in 1983 and 1993. The stock market and economy began to collapse in 2000, resulting in a move higher in the poverty rate from very low levels. The ensuing corporate scandals, recession and 9/11 terrorist attacks resulted in an increase in poverty through 2003. However, recent data showing Americans' net worth at all-time high levels, very strong economic growth since the end of the recent recession and the creation of over 1.2 million new jobs this year will likely result in a fairly large decrease in the U.S. poverty rate for 2004.
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