CHESSNOID

The DOW is at above 10,000 and the national unemployment rate is about 10%.  Is the economy getting better or worse?  If you only watch TV or listen to the White House and government agency press releases spinning the truth, then you would think it is better.  If you look around your neighborhood and still see new foreclosures appearing, then you know the economy is not improving yet.

Not all those people who lose their homes are able to get a new place to live in.  Some simply become homeless. Right now the food banks and homeless shelters are all at capacity and that won’t change anytime soon.

ABC News:

According to the revised NAS formula:

—About 18.7 percent of Americans 65 and older, or nearly 7.1 million, are in poverty compared to 9.7 percent, or 3.7 million, under the traditional measure. That’s due to out-of-pocket expenses from rising Medicare premiums, deductibles and a coverage gap in the prescription drug benefit.

—About 14.3 percent of people 18 to 64, or 27 million, are in poverty, compared to 11.7 percent under the traditional measure. Many of the additional poor are low-income, working people with transportation and child-care costs.

—Child poverty is lower, at about 17.9 percent, or roughly 13.3 million, compared to 19 percent under the traditional measure. That’s because single mothers and their children disproportionately receive non-cash aid such as food stamps.

—Poverty rates were higher for non-Hispanic whites (11 percent), Asians (17 percent) and Hispanics (29 percent) when compared to the traditional measure. For blacks, poverty remained flat at 24.7 percent, due to the cushioning effect of non-cash aid.

I wanted to embed this video Reality Check: 1 in 6 Americans Is Poor but you will have to watch it directly at youtube.