Following the Congressional Super Committee’s failure to reach an agreement that would protect federal programs from severe budget cuts, a new report on family economic security shows that 45 percent of Americans are unable to cover their basic expenses.

The new report, based on a comprehensive analysis of economic and demographic data by Wider Opportunities for Women (WOW), finds many American families are living without economic security even when household breadwinners are working.

With twenty five million Americans and their families struggling to find jobs, or full time work, the study suggests that if congress does not take action, programs such as job training, career and technical education, unemployment insurance, and child care programs could compound the crisis facing American families.

According to the report, Living Below the Line: Economic Insecurity and America’s Families, 55 percent of all children, and 77 percent of African American and Hispanic children, are living in families without economic security. In addition, 43 percent of all households and 62 percent of African American and 66 percent of Hispanic households have incomes that fail to reach economic security. Even though workers in dual income families have the highest rates of economic security, more than one in five of these families are still unable to make ends meet.

“This is a wake-up call for Congress, for our state policy-makers, really for all of us,” said Donna Addkison, President and CEO of Wider Opportunities for Women. “Nearly half of our nation’s families cannot cover the costs of basic expenses even when they do have a job. Under these conditions, cuts to unemployment insurance, financial aid for post-secondary education, job training, even child care assistance and other programs families are relying on right now would push them from crisis to catastrophe.”

Key findings of the report show:

• Forty-five percent of U.S. residents live in households that lack economic security.
• Women are more likely to lack economic security than men are.
• Sixty-two percent of black households and 66% of Hispanic households have total incomes that do not allow economic security.
• One in four full-time working-age adults has annual earnings below his or her family’s economic security requirements.
• Many households with two full-time workers lack economic security.
• Households with more education are less likely to lack economic security, but large minorities of those with degrees still lack security.

As well, recent economic data also show women are facing increasing unemployment. Older women face higher rates of long-term unemployment and many women with jobs earn wages far below what they need to support their families. Forty-two percent of all women, 63 percent of African American women and 66 percent of Hispanic women lack economic security.

“The majority of American families rely on women’s incomes, but women face alarmingly high levels of economic insecurity for themselves and for their families,” said Addkison. “For the sake of our families, our communities and our economy, we must act now. Preparing women for and employing women in family-sustaining jobs must be national priorities if we are going to work ourselves out of this economic meltdown.”

If Congress does not act, federal programs are all at risk of devastating cuts.