Is It Still Bush’s Fault????


5 cities where poverty is soaring

Here are five cities where residents are struggling to maintain the bare essentials.

24/7 Wall St.
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(From left) Downtown Goshen, Ind. & 8 mile rd. in Eastpointe, Mich. © Don Smetzer/Alamy; Paul Warner/AP
Cities hit the hardest

Despite signs of economic recovery, the number of U.S. residents living in poverty remains stubbornly high. An average of 15.7 percent of the U.S. population lived below the poverty line during the three-year period of 2010-2012, a considerable increase from an average of 13.6 percent during the previous three-year period of 2007-2009.

According to the latest data provided by the U.S. Census Bureau, the poverty rate in more than 20 cities with populations of 25,000 or more increased by at least 10 percentage points between those two three-year periods.

Many of these cities show a symptom of the regions hit hardest by the recession — a significant decline in real estate value. Nationally, the average home value during the three-year period of 2010-2012 was down by 9% compared to the previous three-year period. In eight of the 10 cities with soaring poverty rates, property values fell by at least 10 percent. Homes in Eastpointe, Mich., near Detroit, lost nearly half of their value. In nearby Inkster, Mich., another city where poverty grew substantially, an average of 43.3 percent of homes were worth less than $50,000 between 2010 and 2012, compared to just 11.8 percent of homes during the 2007-2009 period.

Job losses also hit these cities hard. Nationally, unemployment rose from 4.6 percent in 2007 to 8.1 percent last year. In the majority of these cities, unemployment increased, and remained above the national rate. In North Chicago, which had one of the largest increases in poverty, unemployment rose from 10.5 percent in 2007 to 15.4 percent in 2012.

To identify the cities with the biggest increases in poverty, 24/7 Wall St. reviewed the U.S. Census Bureau’s American Community Survey 2012 three-year estimates. Because this release averages three years worth of data (2010-2012) it allows for the review of smaller cities. Checking the Census Bureau’s comparison table for statistical significance, we compared this three-year period to the 2007-2009 period. The cities with populations of 25,000 or more with the largest percentage point increase in poverty made our list. To be consistent, we used three-year averages for national figures as well. In addition to poverty figures, we collected home values, income, and employment by industry, all using the ACS. From the U.S. Bureau of Labor Statistics, we reviewed annual average unemployment figures from the past six full years.

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About Jim G.

I truely believe that what should matter most in life is how you see yourself, not how someone else tries to convince you to see yourself. *****Life is not about "finding yourself"*****its about creating yourself.!!!!! I write and post things here because I like to think I am contributing some things of value to my world. Some times a little humor, some times things with a more serious tone, but hopefully always in good taste. If what I post occasionally bites a politician in the ass, all the better :>)
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