A recent study done by the U.S. Census Bureau suggested that 44 percent of South Florida’s children are living in poverty. The study consisted of Broward, Palm Beach and Miami-Dade counties and showed that more than half a million children under the age of 18 live in low-income households. According to the National Center for Children in Poverty at Columbia University, a single mother with one child that makes an annual income of $30,260 or less is considered a low-income household.
South Florida was one of the hardest hit areas in the country during the recession. The median household income fell 14 percent in five years, according to Census data. The median household income in Broward and Palm Beach counties fell to approximately $48,900 in 2011. Also, the number of people on food stamps in Broward and Palm Beach counties has almost tripled since 2007. Families in South Florida have reportedly cut $10,000 out of their budget in the past two years. Younger parents have been hit the hardest since they typically earn less than older parents. South Florida’s poverty rates are consistent with the nation’s average, because approximately 45 percent of children under the age of 18, nationwide, are living in low-income households.
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It is estimated that 46.2 million people are now considered to be living in poverty, which is 2.6 million more than last year. New census data released for 2010 show that the poverty rate has risen 15.1%. That’s up from 14.3% in 2009. With the current economic conditions and many Americans out of work, these statistics are not surprising.
The U.S. government defines the poverty line as an income of $22,314 a year for a family of 4 or $11,139 for an individual. The poverty rate for adults 18-64 rose to 13.7% and the rate for children under 18 increased to 22% in 2010. This translates to 1 in 5 children in America living in poverty. The rate for women living below the poverty line is 16.2% and for men the rate is 14%. Race was also a factor in the study. The poverty rate was lowest for non-Hispanic whites at 9.9%. Blacks had the highest rate at 27.4%, followed by people of Hispanic origin at 26.6%. Asians had a poverty rate of 12.1%.
The income used to calculate poverty status includes earnings, workman’s compensation, unemployment insurance, Social Security, veteran’s payments, pensions, interest and dividends.
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If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
As global food prices reach record highs, the World Bank warns that further spikes could push more individuals and families into poverty. The organization that loans money to developing nations said its global food price index was up 36% in March from levels a year earlier. The increase was driven by sharp boosts in prices for corn, wheat, soybeans and other staples. The surge in global food prices has already driven 44 million people below the “extreme poverty line,” which the World Bank defines as living on just $1.25 a day.
According to the World Bank, an additional 10% increase in food prices would cause another 10 million people to fall below the poverty line, while a 30% spike would lead to 34 million more poor. Food prices have been on the rise since last year, as crops in many parts of the world were damaged by bad weather. Canada, Australia and Argentina were also hit with weather events that damaged crops in the second half of last year. More recently, food prices have been pushed higher by rising energy costs, as oil prices spiked above $100 a barrel. That has made producing and transporting agricultural goods more expensive.
There is however a plan that is being put into place to help alleviate the financial stress of putting a quality meal on the table. Officials from the Group of 20 (G-20) economic powers are scheduled to design a “code of conduct” on export bans, which many have blamed for exacerbating the increase in wheat prices. This proposed “code of conduct” would also do more to increase food production and help developing countries manage agricultural risks.
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If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.