TCS Daily: Poor Performances
looks into the fact that after spending $10 trillion on poverty programs since LBJ's Great Society was launched, poverty in this country is supposedly at an all time high. But is it? Not when the average "poor
" person in this country has 1/3 more living space than the average Japanese, 1/4 more than the average Frenchman, etc., and while 41% own their own homes, averaging three bedrooms and 1 1/2 baths and $150,000, 70% own at least one car, and 27% owned two or more cars.
Two big reasons that the "poor
" in this country are not, on average, that poor. First, poverty figures don't include non-cash income, such as: food stamps; Medicare; WIC; etc. And, secondly, the poor tend to grossly underreport their incomes to the Census Bureau. Indeed, the poor on average spend $1.94 for every dollar that they earn.