On: Why is the stock market rallying when the economy is so bad?

[pyuser583]

The US poverty rate is very misleading. It’s not the percent of people in poverty. It’s the percentage of people below a level of income at which not being impoverished is impossible.

[mcv → pyuser583]

Yeah, my impression is that the US has far more real poverty than Scandinavia, so I really wonder what the basis for these numbers is.

[marcusverus → pyuser583]

What data have led you to that understanding?

[pyuser583 → marcusverus]

Being unable to afford food and a place to live, yet being well above the poverty line.

This link provides more detailed information: https://www.irp.wisc.edu/resources/how-is-poverty-measured/

“ The Census Bureau determines poverty status by using an official poverty measure (OPM) that compares pre-tax cash income against a threshold that is set at three times the cost of a minimum food diet in 1963 and adjusted for family size.”

Regarding my definition in the previous comment, I’m unable to find my original source. Sorry.