Residents of South Florida who have been hoping that the national economy will perk up soon are going to be sorely disappointed by the latest relevant numbers from the federal government.
On the heels of a report that there was absolutely no job growth at all in August came news that the U.S. poverty rate had reached a historic high. Sadly, this information helps explain why so many of your friends and neighbors are facing bankruptcy, foreclosure and dire financial straits.
As for the zero-percent job growth, that report had government officials scrambling to explain why recent economic stimulus efforts have thus far failed to boost our economy’s vital signs. It also put pressure on them to do more to get our citizens back to work. Without jobs, of course, many people simply cannot pay their bills.
As far as the poverty rate, many people were shocked to know that nearly one out of every six people in the prosperous and mighty U.S. is considered to be living in poverty. Even worse, “poverty” has a very strict definition. Consider this: a family of four would be considered to be living in poverty only if the total household income was less than about $22,000. Obviously, a family of four could take in $25,000, still be barely scraping by and yet not considered to be living in “poverty.” This has many economists claiming the rate of people facing financial difficulty is actually much higher.
If you are facing financial pressure that you do not expect to be relieved any time soon, you should approach the situation proactively. Waiting until the last second will close off options to you. A consultation with an attorney who handles bankruptcy and foreclosure matters will at least give you more information. You may never need to employ this knowledge, but at least you will be doing what you can do to make the best of an otherwise crummy situation.
Source: The Washington Post, “Is the poverty rate even higher than we think?” Suzy Khimm, Sept. 15, 2011.