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U.S. poverty rate rises, Census Bureau says

Category: News and Notes- fhuff- 12:34 pm/ September 24, 2010

The U.S. poverty rate in 2009 was 14.3% of the population, or 43.6 million people, according to the U.S. Census Bureau. That was up from 13.2%, or 39.8 million in 2008 and was the 3rd year in a row the poverty rate rose. The number of people living in poverty in 2009 also was the highest in the 51 years the poverty estimates have been available.

The Census data show that 25.8% of Blacks, 25.3% of Hispanics, and 9.4% of non-Hispanic Whites lived in poverty, all increases from the previous year. The poverty rate for Asians was 12.5%, basically unchanged from 2008. The Census data also found that the percentage of uninsured Americans rose to 16.7%, or 50.7 million people, up from 15.4%, or 46.3 million.

For many Americans who’ve fallen below the poverty line, building a savings might seem unattainable. While it is tough to add to a savings account on a low income, it’s not impossible. Even if you can only spare $5 a week to deposit into a savings account, make a commitment to do it. Small, but regular deposits can add up over time. As your income increases, add to the amount of your savings contributions.

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