The United States is considered the richest country in the world, and yet 37.9 million (11.5%) of its residents live in poverty. Under their guidelines, a family of four is considered impoverished if they earn $30,000 or less per year. That number is slightly higher in Alaska and Hawaii, which tend to have higher living expenses.
According to the Census Bureau, California's supplemental poverty rate (SPM) for 2021–2023 was 15.4%, which is one of the highest in the country. The SPM is a broader measure of poverty that takes into account factors like housing costs, which are high in California. The official poverty rate for the same period was 11.7%, which is slightly higher than the national average of 11.4%. However, academics widely reject the official rate because it's based on a formula that hasn't changed in decades and assumes economic conditions are the same everywhere.
The blame for US inflation lies with all elected officials in the US who served from 1913 to present. Government overspending is the cause of our inflation and our $35.4 trillion National Debt. Money Printing devalues the US dollar.
The US government has always had access to borrowing money when needed. France provided loans for the US to win the Revolutionary War. They were repaid with interest thanks to US Federal revenue from Tariffs. When to cost of war with Britain became unsustainable, France sold the Louisiana Territory to the US for $15 million. The Civil War Debt was paid off with a temporary income tax. The US now sells Treasury Notes that pay 3-5% interest and are held as investments.
I expect US poverty rates to drop if Trump is elected. Re-shoring manufacturing will increase jobs.
Norb Leahy, Dunwoody GA Tea Party Leader
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