Tuesday, May 29, 2012
According to a new report from the Office of Research at the United Nations Children’s Fund (UNICEF), the U.S. has one of the highest rates of child poverty in the developed world. Of the 35 wealthy countries studied by UNICEF, only Romania has a child poverty rate higher than the 23 percent rate in the U.S.:
[The rate is] based on the definition of relative poverty used by the OECD. Under this definition, a child is deemed to be living in relative poverty if he or she is growing up in a household where disposable income, when adjusted for family size and composition, is less than 50% of the median disposable household income for the country concerned. By this standard, more than 15% of the 200 million children in the 35 countries listed in Figure 1b are seen to be living in relative poverty.
The Great Recession has, of course, exacerbated child poverty. According to a recent report, 8.3 million children in the U.S. have been affected by the foreclosure crisis that arose after the housing bubble burst.