US poverty level set to hit highest mark since 1965
Dire new prediction from Census Bureau
- Duration 4:47
- Date Jul 23, 2012
Dire new prediction from Census Bureau
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-- dire new predictions out today on the fate of America's pour.
The US Census Bureau says that poverty levels are on track to reach heights that we really haven't seen.
Since the 1960s.
Seventeen point 3%.
Of Americans live below the poverty line 33 million people.
Now the latest reports from 2010 which -- the latest numbers that we have and they looked to be creeping up a bit.
From there according to the estimates ar fifteen point 1%.
Of all Americans are at or below that poverty about and as I said they they think that when they released the 2011 numbers which happened shortly before the election.
It could show that there's even a little bit more of an uptick in that -- so -- Very pleased to be joined in studio today but it's.
Republican Pat Toomey who is on the Senate Budget Committee is also a former -- super committee member I and a surrogate for government -- good to have you today sir thanks round.
-- -- -- -- look at these numbers one and six in America on food stamps on below the poverty levels and one of the first things it came to my mind when I saw that number and it's not a comparison act in the sixties.
Is the great society.
Of president Johnson and whether or not the creation of all these programs that were supposed to prevent this from happening in the coming decades.
Whether or not that that's a failed experiment.
Clearly and has worked.
The these programs just keep growing you mentioned food stamps spending on food stamps.
Has quadrupled in the last ten years -- it's a stunning increase huge expansion of these programs.
The problem -- here Martha's we don't have a strong economy we're not creating the jobs there is no substitute there's no better anti poverty program than jobs.
And as long as we have this feeble economy.
Which I think is caused by really flawed policy coming out of Washington as long as this is the case.
Then sadly these numbers are not gonna improve.
You know one of the things that strikes me with a number of people that I've talked to recently about this is that we're seeing it.
Creeping into areas where we didn't see it before people who used to help you know volunteer are now looking for that kind of -- themselves in the suburbs.
It's in places where we didn't see it before -- -- the city's.
You know more people out begging for money I've noticed in recent weeks and months the crime rate seems to be opt in some -- our inner -- -- get all of these other impacts but.
And this is what happens when people don't have work and you know even though the unemployment rate seems to have leveled off somewhere and it totally unacceptable level but in -- summer omni point 2% understates how bad this is by a lot because the reason it's dropped as people -- giving up they're not looking for work.
The percentage of Americans who are actively participating in the work force now is -- a 27 year low.
This is finally got to change what's that the current policies are not working and we've got to change our course.
I'm curious what you think about this that there's a lead story in the Financial Times this morning that quotes John Williams -- the president of the federal reserve bank of San Francisco.
Basically saying that he thinks that further action is to be taken.
Two increased the progress and to boost the jobs market and he's talking about basically.
Printing more money at a course more stimulus right -- the flat.
We've been doing this for four years now.
The Federal Reserve printed and about two thirds of all the money the government borrowed last year we are monetizing our debt -- right this is extremely irresponsible and my feeling very dangerous.
The fundamental problems afflicting our economy are not monetary in nature.
It's massive over regulation its spending that's completely out of control and driving huge deficits it's a threat of massive tax increase it's an administration that seems.
Almost hostile to the private sector and certainly denigrates entrepreneurship.
This is an environment where.
We shouldn't be -- were not creating jobs we've got to change this so we can create the kind of jobs have the economic growth that will lift people out of poverty as we've done in the past.
-- -- -- sounds you know that that there are solutions that you isn't that many people would say are so much easier said than done.
When you look at the numbers of people in this country who are in a five under that level.
And who need help and are relying on some of that the systems that have been built then and I talked about the great society.
-- what do you do to get to get past the point where you can -- sort of help them and then change the underlying system.
Well I as as -- as Imus before and if we push back some of these regulatory excesses like they obamacare bill like Dodd-Frank like an EPA that's an out of control.
Those things alone would encourage economic growth and job creation if we then.
Reform the entitlement program so that they serve the people who really need it but we put them on a sustainable path.
I think to be tremendous confidence in the economy again and we've seen an increase in investment.
The end of the day the solution to poverty is more jobs and more opportunities and bringing people back to work.
So we should be doing.
Point it's as tough situation thank you very much senator -- and -- here tonight thanks for him.