Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed.
PART 6 The Economics of Labor Markets
Chapter 20 of 36 Income Inequality and Poverty
Section 5 of 20
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The poverty rate shows the percentage of the U.S. population with incomes below a government-designated level called the poverty line.
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The poverty rate is commonly used to gauge income distribution.
The poverty rate is the percentage of the population whose family income falls below a designated level called the poverty line.
The poverty line is set by the federal government at about three times the cost of food for a family for an adequate diet.
In 2005 / (2024 – added)
· the median family had an income of $56,194 / $83,730
· the poverty line for a family of four was $19,971 / $32,150
· the poverty rate was 12.6 percent / 12.9 percent
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Figure 2 shows the poverty rate since 1959, at the beginning of collection of official data.
The poverty rate fell from 22.4 percent in 1959 to 11.1 percent in 1973.
During the 1959~1973 period average inflation-adjusted income in the economy rose more than 50 percent.
Because the poverty line is an absolute rather than a relative standard more families are pushed above the poverty line as economic growth pushes the entire income distribution upward.
The poverty rate has not declined below the level reached in 1973 despite continued growth in average income.
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Table 3 shows poverty rates for several groups and reveals important facts.
Poverty is correlated with race, about three times more blacks and Hispanics live in poverty than whites.
Poverty is correlated with age.
Children are more likely than average to be poor.
The elderly are less likely than average to be poor.
Poverty is correlated with family composition, families headed by a single female adult are five times more likely to live in poverty than a married couple family.
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unmarried person, married person
mikon-sha, kikon-sha
未婚者、既婚者
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