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Expect October State Median Income Levels to Drop!

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    Expect October State Median Income Levels to Drop!

    INCOME, POVERTY AND HEALTH INSURANCE
    COVERAGE IN THE UNITED STATES: 2008


    THURSDAY, SEPT. 10, 2009

    The U.S. Census Bureau announced today that real median household income in the United States fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. This breaks a string of three years of annual income increases and coincides with the recession that started in December 2007.

    The nation’s official poverty rate in 2008 was 13.2 percent, up from 12.5 percent in 2007. There were 39.8 million people in poverty in 2008, up from 37.3 million in 2007.

    Meanwhile, the number of people without health insurance coverage rose from 45.7 million in 2007 to 46.3 million in 2008, while the percentage remained unchanged at 15.4 percent.

    These findings are contained in the report Income, Poverty, and Health Insurance Coverage in the United States: 2008. The following results for the nation were compiled from information collected in the 2009 Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC):

    Income

    Race and Hispanic Origin (Race data refer to people reporting a single race only. Hispanics can be of any race.)

    * Between 2007 and 2008, the real median income of non-Hispanic white households declined 2.6 percent (to $55,530); for blacks, it declined 2.8 percent (to $34,218); for Asians, it declined 4.4 percent (to $65,637); and for Hispanics, it declined 5.6 percent (to $37,913). Except for the difference between the declines for non-Hispanic white and Hispanic households, all other differences between the declines were not statistically significant.

    Regions

    * Between 2007 and 2008, real median household income declined in the South by 4.9 percent (to $45,590), declined in the Midwest by 4.0 percent (to $50,112) and declined in the West by 2.0 percent (to $55,085). Income in the Northeast was statistically unchanged ($54,346). The apparent differences in the declines in median household income between the South and Midwest, and the Midwest and West were not statistically significant. The apparent difference between the median household incomes for the West and Northeast was not statistically significant.

    Nativity

    * Native- and foreign-born households, including those maintained by a naturalized citizen, had declines in real median income between 2007 and 2008. Income was statistically unchanged for households maintained by a noncitizen. The decline for native-born households was 3.5 percent; the decline for foreign-born households was 5.3 percent; and the decline for those maintained by a naturalized citizen was 4.8 percent. The apparent differences among the declines in median income for native-born, foreign-born and naturalized citizen households were not statistically significant.

    Earnings

    * In 2008, the earnings of women who worked full time, year-round was 77 percent of that for corresponding men, down from 78 percent in 2007.
    * The real median earnings of men who worked full time, year-round declined by 1.0 percent between 2007 and 2008, from $46,846 to $46,367. For women, the corresponding drop was 1.9 percent, from $36,451 to $35,745.

    Income Inequality

    * Income inequality was statistically unchanged between 2007 and 2008, as measured by shares of aggregate household income by quintiles and the Gini index. The Gini index was 0.466 in 2008. (The Gini index is a measure of household income inequality; 0 represents perfect income equality and 1 perfect inequality.)

    Poverty

    Overview

    * The increase in the poverty rate between 2007 and 2008 was the first statistically significant annual increase since 2004. The 2008 poverty rate (13.2 percent) was the highest since 1997.
    * In 2008, the family poverty rate and the number of families in poverty were 10.3 percent and 8.1 million, respectively, up from 9.8 percent and 7.6 million in 2007.
    * For married-couple families, both the poverty rate and the number in poverty increased — 5.5 percent (3.3 million) in 2008, up from 4.9 percent (2.8 million) in 2007. Both measures, however, showed no statistical change in 2008 for female-householder-with-no-husband-present families (28.7 percent and 4.2 million) and for male-householder-no wife-present families (13.8 percent and 723,000).

    Thresholds

    * As defined by the Office of Management and Budget and updated for inflation using the Consumer Price Index, the weighted average poverty threshold for a family of four in 2008 was $22,025; for a family of three, $17,163; for a family of two, $14,051; and for unrelated individuals, $10,991.

    Race and Hispanic Origin (Race data refer to people reporting a single race only. Hispanics can be of any race.)

    * In 2008, the poverty rate increased for non-Hispanic whites (8.6 percent in 2008, up from 8.2 percent in 2007), Asians (11.8 percent in 2008, up from 10.2 percent in 2007) and Hispanics (23.2 percent in 2008, up from 21.5 percent in 2007). The poverty rate in 2008 was statistically unchanged for blacks (24.7 percent).

    Age

    * The poverty rate increased for children younger than 18 (19.0 percent in 2008, up from 18.0 percent in 2007) and people 18 to 64 (11.7 percent in 2008, up from 10.9 percent in 2007), while it remained statistically unchanged for people 65 and older (9.7 percent).
    * Similar to the patterns observed for the poverty rate in 2008, the number of people in poverty increased for children younger than 18 (14.1 million in 2008, up from 13.3 million in 2007) and people 18 to 64 (22.1 million in 2008, up from 20.4 million in 2007) but remained statistically unchanged for seniors 65 and older (3.7 million).

    Nativity

    * Among the native-born population, 12.6 percent (33.3 million) were in poverty in 2008, up from 11.9 percent (31.1 million) in 2007.
    * Among the foreign-born population, the poverty rate and the number in poverty increased to 17.8 percent and 6.5 million in 2008, up from 16.5 percent and 6.2 million, respectively, in 2007. The poverty rate in 2008 for naturalized citizens, 10.2 percent, was statistically unchanged from 2007, while the poverty rate for those who were not U.S. citizens rose to 23.3 percent in 2008, up from 21.3 percent in 2007.

    Regions

    * The Midwest and West experienced increases in both their poverty rate and the number in poverty. The Midwest poverty rate increased to 12.4 percent (8.1 million) in 2008, up from 11.1 percent (7.2 million) in 2007, and the West poverty rate increased to 13.5 percent (9.6 million) in 2008, up from 12.0 percent (8.4 million) in 2007. The poverty rates for the Northeast (11.6 percent) and the South (14.3 percent) were both statistically unchanged.

    Health Insurance Coverage

    Overview


    * The number of people with health insurance increased from 253.4 million in 2007 to 255.1 million in 2008.
    * The number of people without health insurance coverage rose from 45.7 million in 2007 to 46.3 million in 2008.
    * Between 2007 and 2008, the number of people covered by private health insurance decreased from 202.0 million to 201.0 million, while the number covered by government health insurance climbed from 83.0 million to 87.4 million. The number covered by employment-based health insurance declined from 177.4 million to 176.3 million.
    * The number of uninsured children declined from 8.1 million (11.0 percent) in 2007 to 7.3 million (9.9 percent) in 2008. Both the uninsured rate and number of uninsured children are the lowest since 1987, the first year that comparable health insurance data were collected.
    * Although the uninsured rate for children in poverty declined from 17.6 percent in 2007 to 15.7 percent in 2008, children in poverty were more likely to be uninsured than all children.

    Race and Hispanic Origin (Race data refer to those reporting a single race only. Hispanics can be of any race.)

    * The uninsured rate and number of uninsured for non-Hispanic whites increased in 2008 to 10.8 percent and 21.3 million, from 10.4 percent and 20.5 million in 2007. The uninsured rate and number of uninsured for blacks in 2008, meanwhile, were not statistically different from 2007, at 19.1 percent and 7.3 million. The uninsured rate for Asians in 2008, 17.6 percent, was not statistically different from 2007.
    * The percentage of uninsured Hispanics decreased to 30.7 percent in 2008, from 32.1 percent in 2007. The number of uninsured Hispanics was not statistically different in 2008, at 14.6 million.
    * Based on a three-year average (2006-2008), 31.7 percent of people who reported American Indian and Alaska Native as their race were without coverage. The three-year average uninsured rate for Native Hawaiians and Other Pacific Islanders was 18.5 percent.

    Nativity

    * The uninsured rates for the native-born and foreign-born populations were statistically unchanged at 12.9 percent and 33.5 percent, respectively, in 2008. Among the foreign-born population, the uninsured rates for both naturalized citizens (18.0 percent) and noncitizens (44.7 percent) were statistically unchanged.

    Regions

    * At 11.6 percent, the Northeast and the Midwest had lower uninsured rates in 2008 than the West (17.4 percent) and the South (18.2 percent). The 2008 rates for the Northeast, Midwest and South were not statistically different from their respective 2007 rates. The uninsured rate for the West increased to 17.4 percent in 2008, up from 16.9 percent in 2007.

    The CPS ASEC is subject to sampling and nonsampling errors. All comparisons made in the report have been tested and found to be statistically significant at the 90 percent confidence level, unless otherwise noted.

    For additional information on the source of the data and accuracy of the estimates for the CPS, visit




    Last edited by AngelinaCat; 09-11-2009, 02:06 PM. Reason: Conform to posting rules

    #2
    Confused here... Does this mean you won't have to make as much to qualify for filing and taking the means test?
    08-2009:Quit Paying Credit Cards
    04-2010:Hired 2nd Attorney;05-2010:Filed 7
    06-2010:341 Meeting (went very well)
    08-24-2010: Discharged; 09-02-2010 Closed!!

    Comment


      #3
      It means if you were making close to the median for your area that you could have to fill out the entire means test after october's numbers whereas before october you might only have to do the first section.

      It's a trend that probably will continue for some time.
      May 31st, 2007: Petition Filed by my lawyer
      July 2nd, 2007: 341 Meeting Held
      September 4th, 2007: Discharged and Closed.

      Comment


        #4
        The good news is inflation is under control (for now) except for health costs.

        The bad news is pretty much everyone's income is stagnant and maybe for some time.
        The essence of freedom is the proper limitation of Government

        Comment


          #5
          At what point do we know when we will get the new figures (for each state) and my only worry here is that if these drop I may be forced into a 13... real close now and need to wait until at least the end of the year.
          08-2009:Quit Paying Credit Cards
          04-2010:Hired 2nd Attorney;05-2010:Filed 7
          06-2010:341 Meeting (went very well)
          08-24-2010: Discharged; 09-02-2010 Closed!!

          Comment


            #6
            Originally posted by Ann View Post
            At what point do we know when we will get the new figures (for each state) and my only worry here is that if these drop I may be forced into a 13... real close now and need to wait until at least the end of the year.
            In the past, changes to the state median incomes have been implemented for bankruptcy filings in March and October each year. Since this is being publicized now, it's likely that these new figures could go into effect next month (October 2009) sometime.

            Discuss with your lawyer how changing the median income for your state could impact the timing of your filing.
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !

            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go

            Comment


              #7
              Will this change kick-off at the beginning of October or sometime within the month? This may have an impact on me. I'm almost to the point of filing; although, I need to address an auto issue first. I think my timeline just shrunk and I wouldn't be surprised if my area (highest unemployment rate) is affected! Not fun for a just-under median chica!
              *Filed: September 23, 2009 *341: November 4, 2009 *Discharged: January 4, 2010 *Closed: January 20, 2010

              Hakuna Matata...it means NO WORRIES!

              Comment


                #8
                I don't think the BK median income numbers will drop as a result of this study.

                But there is a chance...keep in mind, the median income figures for BK are state by state, this study was nationwide.

                Comment


                  #9
                  Originally posted by HHM View Post
                  I don't think the BK median income numbers will drop as a result of this study.

                  But there is a chance...keep in mind, the median income figures for BK are state by state, this study was nationwide.
                  True, according to one post where the OP obtained early data for the next bapcpa release, my state actually rose again, consecutively over the last several years.

                  Comment


                    #10
                    Originally posted by optimistic1 View Post
                    True, according to one post where the OP obtained early data for the next bapcpa release, my state actually rose again, consecutively over the last several years.
                    what is the "bapcpa"? maybe there is hope for me after all!
                    08-2009:Quit Paying Credit Cards
                    04-2010:Hired 2nd Attorney;05-2010:Filed 7
                    06-2010:341 Meeting (went very well)
                    08-24-2010: Discharged; 09-02-2010 Closed!!

                    Comment


                      #11
                      Just met with an attorney today (10-2-09) for initial consultion. He mentioned this recent announcement and expressed concern that our state's levels (Kansas) may drop. Since I fall just under the median by a couple of thousand, he would like to get my case filed asap. So, I'll be busy filing my paperwork and doing the pre-bk counseling next week and will meet with him again the following Monday with my retainer. I don't want to take any chances going over the median.

                      Comment


                        #12
                        Good that you hired a reputable attorney, I had one give me a sheet with income figures from a year ago, he had this crappy briefcase too, you can bet I did NOT hire him.

                        Comment

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