The Bureau of Census has just confirmed what many Americans already suspected: 1974 was not a very good year. While the median income of U.S. families rose to $12,840 in 1974a 7% increase over the previous yearit was not enough to offset the 11% jump in prices, the bureau's new report says. Worse, another 1.3 million Americans slipped below the poverty level (e.g., $5,038 for a nonfarm family of four), though the poverty line itself was raised to reflect inflation. By the bureau's figures, the increase brought the total of officially defined poor to 24.3 million people, or 12% of...
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