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Virginia, with a GDP of $712.9 billion, ranked as the 13th largest state in terms of GDP among the 50 states of the United States. Virginia's economy is larger than countries such as Belgium, Sweden, Ireland, and Norway. Virginia is also among the wealthiest states in the US, boasting a GDP per capita of $81,794, which ranks 19th as of 2023.
The number of people living in relative poverty, across the country, tends to vary from state to state, e.g. in California (in 2018), 4.66 million people lived in poverty versus in Minnesota with about 456,000 people that lived in poverty. [60] The causes of relative poverty in the US are complex and revolve around the following:
Number in Poverty and Poverty Rate: 1959 to 2017. The US. In the United States, poverty has both social and political implications. Based on poverty measures used by the Census Bureau (which exclude non-cash factors such as food stamps or medical care or public housing), America had 37 million people in poverty in 2023; this is 11 percent of population. [1]
While some states saw a huge increase, others kept poverty rates at pre-pandemic levels — largely because they provided unemployment benefits to a higher share of their populations.
The government's broader U-6 unemployment rate, which includes the part-time underemployed was 8.3% in September 2017. [8] [9] Both of these rates fell steadily from 2010 to 2019; the U-3 rate was below the November 2007 level that preceded the Great Recession by November 2016, while the U-6 rate did not fully recover until August 2017. [4] [8]
The main poverty line used in the Organisation of Economic Cooperation and Development (OECD) and the European Union (EU) is based on "economic distance", a level of income set at 60% of the median household income. [44] The United States federal government typically regulates this line to three times the cost of an adequate meal. [45]
U.S. Poverty Trends. Poverty and health are intertwined in the United States. [1] As of 2019, 10.5% of Americans were considered in poverty, according to the U.S. Government's official poverty measure. People who are beneath and at the poverty line have different health risks than citizens above it, as well as different health outcomes.
The Biden era also holds the record low, 11.3%, for Black individual poverty under the Supplemental Poverty Measure, which incorporates cash and noncash government benefits, tax credits, people ...