“A full-throated defense of economic dynamism.” - The Wall Street Journal
“Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
“…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
“…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
“Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
“Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
“There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
“Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
“…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
“…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
“Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
“…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
AI Summary.The official U.S. poverty rate fell 0.5 percentage points to 10.2%, a third consecutive annual decline and among the lowest on record, with 34.5m people in poverty. Poverty rates hit historic lows for Hispanic individuals, down 1.2 points to 13.9%, and children under 18, down 1.0 point to 13.4%.
Christina Bijou and Emily ShriderU.S. Census Bureau
Date Posted:
Is Database:
Database
According to the Census Bureau, the poverty rate in the US fell .5pp in 2025 to 10.2%, one of the lowest rates on record. The poverty rate for children fell to a historical low of 13.4%. Census’s income measure does not include taxes or non-cash government transfers.
Is the U.S. poverty rate falling to record lows?
Core argument: The official U.S. poverty rate fell 0.5 percentage points to 10.2% in 2025, the third consecutive annual decline and one of the lowest rates on record, with 34.5 million people in poverty.
In 2025, the official poverty rate fell 0.5 percentage points to 10.2%, the third consecutive annual decline and one of the lowest rates on record. There were 34.5 million people in poverty in 2025. Poverty rates for Hispanic individuals and children under age 18 both fell to historic lows in 2025. Between 2024 and 2025, the poverty rate for Hispanic individuals fell 1.2 percentage points to 13.9%. The child poverty rate fell 1 percentage point to 13.4%.
Takeaways by Macro Roundup® AI
The official U.S. poverty rate fell 0.5 percentage points to 10.2% in 2025, the third consecutive annual decline and one of the lowest rates on record, with 34.5 million people in poverty.
The poverty rate for Hispanic individuals fell 1.2 percentage points to 13.9% between 2024 and 2025, a historic low.
The poverty rate for children under age 18 fell 1.0 percentage point to 13.4% in 2025, a historic low.
Related Articles:
Poverty and Dependency in the United States, 1939–2023— Extending a consistent poverty measure back to 1939, the authors estimate US absolute poverty fell from 48.5% to 19.5% between 1939 and 1963, driven by growth in market income rather than government transfers net of taxes. Poverty fell no faster in the 24 years after the War on Poverty than before.
Evaluating the Success of the War on Poverty since 1963 Using an Absolute Full-Income Poverty Measure— The authors estimate that an absolute full-income poverty measure, which counts a fuller set of income sources and adjusts thresholds only for inflation, fell from 19.5% to 1.6%, versus an official decline to 10.5%. They also find relative poverty reductions modest and government dependence more than doubled among working-age adults.
The Great “Transfer”-mation— Government transfers rose from 8.2% of Americans' total personal income in 1970 to 17.6% in 2022, making them the third largest income source after work and investments. The share of U.S. counties drawing a quarter or more of personal income from transfers rose from under 1% in 1970 to 53% in 2022.
