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Cutting U.S. poverty rate to 1% requires $211 billion a year, James Pethokoukis estimates

Cutting U.S. poverty rate to 1% requires $211 billion a year, James Pethokoukis estimates
Poverty reduction in U.S. seen at $211 billion

James Pethokoukis estimates that lowering the poverty rate in the U.S. to 1 percent, down from a baseline of 13 percent, would require $211 billion in nominal costs per year.

He adds that if this approach is extrapolated globally, the estimated expenditure to nearly eliminate extreme poverty worldwide would amount to approximately 0.28 percent of global GDP.

Pethokoukis has addressed other economic topics in recent analyses. He recently noted falling U.S. housing sales and prices as mortgage rates neared 7 percent. Earlier, he questioned forecasts about the AI sector's potential to generate trillions in revenue by 2030.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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