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Revised formula counts more Americans in poverty
Quick ReadRevision to long-used formula shows more Americans in poverty, particularly older people
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WASHINGTON (AP) — The poverty rate among older Americans could be nearly twice as high as the traditional 10 percent level, according to a revision of a half-century-old formula for calculating medical costs and geographic variations in the cost of living.
The National Academy of Science's formula, which is gaining credibility with public officials including some in the Obama administration,...
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