Tuesday, August 24, 2010

America's 50 poorest cities ranked; 7 in Carolinas

Posted By on Tue, Aug 24, 2010 at 11:17 AM

You should know that cities no one would ever imagine on a list of poor cities also made this Daily Beast list, cities like Los Angeles and New York City. North Carolina actually tied California, New York and Arizona for the state with the highest number of cities on the list. Those N.C. cities are Asheville, Burlington, Greenville and Hickory. In South Carolina, Myrtle Beach, Sumter and Anderson made the list.

But, what does it mean to be included?

The Daily Beast inspected just-released economic data to get a glimpse of America’s metropolitan areas where the average worker’s income is decimated by low earnings or high cost of living. Basic necessities may be met, but at the cost of savings, furthering education, and expendable income. These statistics do not indicate that these metropolitan areas are necessarily impoverished—one of the best ways to tell that is through direct observation—but they do show that upward economic mobility can be handicapped not just by low wages and uncompetitive education, but by a high cost of living.

Read more about how the cities were chosen, and find out which ones made the list, here.

Just a reminder, the Great Recession is brought to you by the letter "G," for greed ... or maybe it's for "George"?

Now the hot phrase is "double dip recession," followed closely behind by the word of the day, "deflation." Here's some information on what those terms mean:

From Australia, March 2010, with Robert Shiller, an economist from Yale University:

Also from March 2010, from a company offering a free "deflation guide":

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