New Books in Economics Mark R. Rank, "Poorly Understood: What America Gets Wrong about Poverty" (Oxford UP, 2021)
Jul 26, 2025
Mark R. Rank, a Professor at Washington University, sheds light on the widespread myths surrounding poverty in America. He challenges the notion that hard work alone leads to success, revealing systemic barriers that keep many in economic hardship. Rank discusses the high prevalence of poverty across diverse demographics and critiques harmful narratives about welfare and family structures. He advocates for more comprehensive discussions on economic stability and argues for policy reforms to combat poverty and inequality effectively.
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Poverty Affects Most Americans
- A majority of Americans will experience poverty or near poverty at some point in their lives.
- Poverty has a huge societal cost, estimated over $1 trillion annually, exceeding 28% of the federal budget.
Poverty Is Widespread Yet Fluid
- More people in poverty live in suburban areas than in central cities; rural America also experiences high poverty.
- Poverty is often temporary, with most experiencing it for only a few years, not permanently.
Economic Insecurity Is Common
- Around 80% of Americans face economic insecurity in their lives.
- Economic insecurity stems from job losses, unemployment, and inadequate wages.
