The government delivered sobering news Thursday when it reported that the nation's poverty rate last year was 14.3 percent, the highest since 1994. The Census Bureau figure, which translates to 43.6 million Americans, is not altogether surprising because of the damage the Great Recession has done to our economy. Massive layoffs and home foreclosures have contributed to a shrinking middle class.
But the poverty rate could have been much worse had it not been for the economic stimulus package approved in 2009 by President Barack Obama and the Democratic-led Congress. The Democratic Obama administration inherited a financial and housing crisis that erupted during Republican President George W. Bush's second term. Obama correctly recognized that the recession, caused by a disdain for financial regulation and by Bush-era policies that favored wealthy special interests, hurt the middle class the most.
keyboard shortcuts: V vote up article J next comment K previous comment