The Census Bureau Tuesday released new poverty data compiled using an updated formula crafted using recommendations from experts at the National Academy of Sciences. The old formula, created in the 1960s, simply sets the poverty level at three times the annual cost of buying groceries. Under that formula, there are 39.8 million Americans living in poverty today. The new formula takes a whole host of other stats into consideration, including child care, housing expenses and medical costs. Under the new, more precise formula, there are 47 million Americans living in poverty today.
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