More Working Families Living In Near-Poverty

A new study says roughly 10.4 million families struggle to pay for necessities, which is up 200,000 from the number a year ago.

Reuters reports…

“Although many people are returning to work, they are often taking jobs with lower wages and less job security, compared with the middle-class jobs they held before the economic downturn,” the [Working Poor Project] report said.

“This means that nearly a third of all working families … may not have enough money to meet basic needs.”

It’s about 10.4 million families, or 47.5 million people, living on less than $45,000 a year. (That’s “near poverty,” although many are actually below the poverty line, which is $22,811 for a family of four.) It’s up to about 33 percent of working families from about 28 percent in 2007, at the start of the recession. As the article points out, a sick child or a car breaking down is a huge and difficult event for them.

The study also shows that the richest fifth of Americans receive 48 percent of all income, while the poorest fifth bring in less than five percent.

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