Many thanks to A2 student Jay Kim for this article in the Huffington Post. It shows that 42.6 million Americans (15.1%) are now below the poverty line. The official definition of poverty in the country is when a family of 4 earns less than $22,314 a year. An interesting point from the article was the difference between races. The median white household income was cited as $113,000; black household income $5700; while Latinos were recorded $6300. The article states that the wealth gap exists mainly because much of white household wealth is inherited.
Ultimately the economic downturn over since 2008 has caused people of all races and ethnicities to lose wealth because of a loss or reduction in the value of their homes etc. The huge contrast in median household wealth also help explain why black and Latino poverty rates are more than two times higher than that of white families.
Click here for Huffingotn Post article.