Welcome to the Suburban Depression

Thursday, September 22, 2011
By Paul Martin

John Carney
CNBC
Wednesday, September 21, 2011

The prolonged economic slump we’ve been in since before the financial crisis really is different than recent recession experiences, especially when it comes to those who now live in poverty.

The official U.S. poverty rate in 2007 was 12.5 percent. Following the calamities of 2008 it climbed upward and kept climbing. By 2009, the rate was 14.3 percent. In 2010 it went to 15.1 percent, according to U.S. Census data reviewed by Pro Publica.

There has not been so large a portion of Americans in poverty since 1993. But this time the growth in poverty is different, hitting whites and suburbia harder than it did during the early 1990s slump. African Americans, by contrast, appear to be doing better.

The poverty rate for whites was 13 percent in 2010. That compares to 12.2 percent in 1993, according to the Census Bureau.

The Rest…HERE

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