Presenting The Working Poor Of America

Tyler Durden's picture

Much has been made of the slow but steady 'improvement' in the unemployment data we are treated to on a weekly and monthly basis from the hallowed eves of the BLS. Just as much has been written on the ugly under-belly of this apparent improvement with the work-force becoming dominated by older workers forced to stay in jobs for longer and an increasing downshift in the kind of jobs available and taken. To wit, Reuters cites a report from the The Working Poor Families Project that highlights the surprising levels of poverty so many Americans find themselves in. The number of low-income 'working' families has increased three straight years - and now stands at over 10.2million, with more than 46 million people living in low-income families. "Although many people are returning to work, they are often taking jobs with lower wages and less job security, compared with the middle-class jobs they held before the economic downturn," which means that nearly one in three working families in the United States is struggling to meet basic needs. Although they are often overlooked, the number of low-income working families has been increasing steadily, resulting in a shrinking middle class and challenging a fundamental assumption that in America, work pays - as we have pointed out before (at these levels, it simply doesn't thanks to the benefit availability).