The International Monetary Fund (IMF) told the United States that tackling poverty should be an “urgent” priority to ensure the country’s wellbeing in the fund’s annual review of the U.S economy.
The report released Wednesday cited statistics showing that 1 in 7 Americans live in poverty, including 20% of children. The IMF recommended a higher minimum wage and a larger earned income tax credit.
“The share of population living in poverty is at a very high level,” said Christine Lagarde, IMF managing director in remarks at a press conference. “Not only does poverty create significant social strains, it also eats into labor force participation, and undermines the ability to invest in education, to invest in health, to invest in training.”
The report concluded that the U.S. economy is “overall, in good shape” with job growth and low unemployment.
More Must-Reads From TIME
- Jane Fonda Champions Climate Action for Every Generation
- Biden’s Campaign Is In Trouble. Will the Turnaround Plan Work?
- Why We're Spending So Much Money Now
- The Financial Influencers Women Actually Want to Listen To
- Breaker Sunny Choi Is Heading to Paris
- Why TV Can’t Stop Making Silly Shows About Lady Journalists
- The Case for Wearing Shoes in the House
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Justin Worland at justin.worland@time.com