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Why The U.S. Can’t End Poverty
1 year ago
4
CNBC
CNBC original
business
business news
finance
financial news
money
money management
news station
poverty
income inequality
Why The U.S. Can’t End Poverty
37.9 million Americans are currently living in poverty, accounting for 11.6% of the total population. That’s despite the fact that America ranks first as the richest nation in the world in terms of GDP. Poverty in the U.S. is not only a humanitarian crisis but an economic one as well. About 11% of the federal budget, or $665 billion goes to economic security programs every year. Child poverty alone is estimated to cost the U.S. over $1 trillion based on the latest research. So how did poverty become such a big issue in the U.S. and why is it so difficult to end it?
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