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Household Incomes Decline for Second Straight Year

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For the second year in a row, household incomes fell and the number of household living below the poverty line increased. According to Census data, one in seven Americans are now living in poverty, loosely defined as a household without a blue-ray DVD player. Heh. Just kidding. The poverty line is officially drawn at a pre-tax level of $22,000 a year. The percentage of Americans living below the poverty line increased from 12.5% in 2007 to 14.2% last year, the highest level in 50 years. Household incomes overall have fallen about 4% since then.

Meanwhile, the gap between us and The Man is now the widest on record. The top 20% of earners in America, those raking in $100 G's or more, received nearly half of all income. The richest American - the top 5% - were able to add to their incomes despite the overall decline in household incomes. Just lucky I guess!
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