Newly released Census Bureau statistics, including poverty data released yesterday, show that the economic recovery has not yet reached a majority of New Yorkers.
Many in New York are lauding New York City’s recovery from the “Great Recession.” This recovery, however, has failed to reach many communities in New York City. The 2011 American Community Survey allows us to take a moment to reflect on whether New York City’s economic recovery has served the majority. The severe impact the recession has had on our neighborhoods and boroughs drove poverty, unemployment and income inequality to unacceptably high levels. Those levels did not decrease in 2011. The data shows that poverty increased slightly, Latino and Black households lost income, the rich got richer, and many working people continue to struggle to make ends meet. In addition, earnings for nearly half of the population in New York City do not allow for self-sufficiency, and Blacks and Latinos continue to experience severe income inequality.
1. Working poverty in New York City remains high, with nearly one in ten full- and part-time workers living below the federal poverty line.
2. Poverty rates are consistently higher in New York City than for New York State or the U.S. Nearly one in ten residents of New York City live in extreme poverty.
3. Well over half the income in New York City is earned by just one-fifth of the population; a slightly greater share than in 2010, as the rich got richer and the poor got poorer.
4. Racial disparities in earnings continue to be high. Latino households have lost income since 2010, and now earn less than half the income of White households citywide. Black/African American households fared only somewhat better, earning just 55% of what White households earned.
5. Nationally, median household income declined 1.3% to $50,502. In New York City, median household income dropped a slightly greater percentage, to $49,411.
Download the full, borough by borough report below: