Investing.com -- Patrick Harker, the President of the Federal Reserve Bank of Philadelphia, has suggested that the actual level of poverty in the United States might be higher than reported. He made this observation on Tuesday, but did not discuss monetary policy or the economic outlook.

Harker made his remarks in an essay focused on economic mobility issues. He indicated that the traditional methods used to measure the economic stability of low-income households may no longer be effective. Specifically, he noted that a family earning twice the federal poverty line may still face substantial economic difficulties.

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