Americans Are Suffering. Things Go From Bad To Worse. Republicans And Democrats Are In Lockstep. They’re Cutting Social Protections When They’re Most Needed. Somehow Another Trillion Dollar Added To Our National Debt
October 21st, 2013
So-called US economic recovery is fake. Main Street poverty, unemployment, underemployment, hunger and homelessness are at Depression era levels.
Half of all US households are impoverished or bordering it. Recovery benefited only America’s most well off. Most others endure deepening deprivation.
According to economist Emmanuel Saez:
”For the first time in nearly 100 years, the percentage of income taken by the top 10 percent of Americans topped 50 percent.”
From 2009 to 2012, “(t)op 1% incomes grew by 31.4% while bottom 99% incomes grew by only 0.4%.” Adjusted for inflation, they declined considerably.
From 2007 – 2009, average real family income declined 17.4%. It’s more than any period since the Great Depression. Wealthy Americans recovered and then some. Conditions for most others went from bad to worse.
According to Saez:
“We need to decide as a society whether this increase in income inequality is efficient and acceptable and, if not, what mix of institutional and tax reforms should be developed to counter it.”
Russell Sage Foundation president Sheldon Danziger said:
“The continued high rate of poverty is no surprise, given ongoing high unemployment, stagnant wages and government spending cuts.”
”Poverty is higher today than it was in 2000, and household incomes are lower. The ‘lost decade’ is likely to turn into ‘two lost decades.’ “
According to Marx:
“Accumulation of wealth at one pole is at the same time accumulation of misery, agony of toil, slavery, ignorance, brutality, and mental degradation at the opposite pole.”
America’s wealth distribution is extreme. It keeps shifting disproportionately upward. Most people are more than ever on their own.