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Report: Economic insecurity declines in SD

Economic insecurity in South Dakota declined by 1.4 percentage points in 2012, according to the Economic Security Index, a report released by the Rockefeller Foundation and Yale University professor Jacob Hacker.

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The latest research makes South Dakota one of 11 states among the lower 48 states and the District of Columbia that saw a decline in economic insecurity last year.

The ESI tracks the proportion of Americans who see their “available household income”— earnings that remain after paying for medical care and servicing financial debts — decline by 25 percent or more from one year to the next and who lack sufficient financial wealth (such as savings) to replace this lost income.

In 2012, 17.1 percent of South Dakota households experienced economic insecurity, as compared to 18.5 percent in 2011.

Nationally, in 2012, 17.8 percent of Americans experienced the major economic losses measured by the ESI, compared with 18.9 percent in 2011.

The 1.1 percentage-point drop brings economic insecurity to the lowest level since 2004 and marks the third year in a row that the percentage of Americans who face insecurity has decreased.

-Source: Rockefeller Foundation