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U.S. Ambassador to the United Nations, Nikki Haley. Photo: Atilgan Ozdil/Anadolu Agency via Getty Images

The U.N. released a report last month that said 40 million Americans are living in “extreme poverty,” but the Trump administration argues that the U.N. is exaggerating the numbers, and says the real figure is closer to 250,000 people, the Washington Post reports.

Be smart: How poverty in America is measured has been a long-running debate, coupled with the fact that “extreme poverty" doesn't have a concrete definition.

How it's defined by different groups, per the Post:

  • The U.N. uses the Census definition, which says extreme poverty applies to those earning an income lower than half the official poverty rate.
  • The Heritage Foundation, a conservative think tank, defined it as living on less than $4 each day. Unlike the U.N.'s method, this also accounts for government welfare assistance like food stamps.
  • Poverty experts say the Census count is flawed, but believe the Heritage statistic used by the government is way too low and question the measurement the organization uses.
  • Center on Budget and Policy Priorities measures poverty by looking at people with less than half the median national disposable income. The nonpartisan research group reportedly said 18% of Americans are in poverty.

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.