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- The top 10 percent of Americans now earn half of our national income, while the bottom 90% collectively own less than 2 percent of the nation's wealth. There is more income inequality in America than at any time since 1928, when this statistic was first kept.
Above from Leo Hindery, Jr.
- 61 percent of Americans "always or usually" live paycheck to paycheck, which is up from 49% in 2008 and 43 percent in 2007.
- Approximately 21 percent of all children in the United States are living below the poverty line, which is the highest rate in 20 years.
- Only the top 5 percent of U.S. households have earned enough additional income since 1975 to match the rise in housing costs.
- 83 percent of all U.S. stocks are in the hands of just the top 1% of Americans. And the top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.
Ms. Huffington has precisely described the current sad state of the middle class, with especially sharp perspective on what she calls the economic "nightmare on Main Street." And she offers particular insight into "America the dilapidated", her short-hand way of expressing her distress at the sorry state of the nation's infrastructure, which will require a staggering $3 trillion or so of capital expenditures to fix and upgrade.(emphasis added by BO666)Yes, when she calls this an "economic nightmare on Main Street" she hits the nail squarely on the head. For the past 3 years I have been calling this an "economic disaster" which seems to flourish with each failed attempt to correct it. The question then remains, are "they" really trying to correct it or further the benefits and holdings of the top 1% who, as stated above own:
83 percent of all U.S. stocks are in the hands of just the top 1% of Americans. And the top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.Even more shocking is the fact - again stated above - that 90% of Americans collectively own only 2% of the nations wealth. What's wrong with this picture?
We, the collective 90% of Americans have been robbed, stripped of any wealth we once possessed and are kept in distress never again to rise as the vibrant middle class we once were.
Does this remind anyone of any other regimes in other countries through out our most recent history? Does this sound like the old Soviet Union? Yes, in fact a visiting professor back in 1964 (a sitting U.S. Senator at the time) lectured our class on how close our country (then) was to the Soviet Union in terms of repression of people economically. That was shocking and alarming to me then but wait, look at us now.
Unfortunately, many of our younger generations do not remember the old Soviet Union and the political and economic repression they created in much of Europe. In fact, today's Freshman College class (class of 2014) don't know anything of the Soviet Union. It did not exist in their lifetime. They know only that the Russians and Americans share space on the International Space station, work cooperatively on the space effort and see many wealthy Russians here in the U.S. as well as in Russia.
These same kids never new of East and West German, the wall dividing East and West Berlin and how different the economic lifestyles of the split nation were.
But one thing for sure. These same Freshmen will remember how their parents lives were thrown into turmoil. How many of their homes were foreclosed on. They will remember the stress and misery that existed in their once happy homes when one or both parents lost their jobs and struggled just to survive and feed their family. They will remember their once middle class lives deteriorated into seeking social services, receiving food stams, waiting in line at food banks and no longer enjoying the many things they once took for granted.
They will certainly remember the difficulties in paying for their college educations as student loans are limited and parents savings wiped out. Some will make it and for those who try and can't, well, they may emerge as our best spokespersons and politicans as well as corporate executives. .
The light at the end of the tunnel is that this current generation of politicians and corporate thieves will one day be replaced by these youngsters as they struggle to get through college and graduate. These kids are our future and our last hope as our current group of crimeoliticians continue to ravage and destroy our country.
Arianna Huffington is right This is a Third World Country and few have the guts to announce it publicly as she is doing through her book and as Leo Hindery, Jr. is doing through his article.
We must rid ourselves of the same old revolving door in Washington. We must remove the likes of people like Greenspan, Bernanke, Geithner, Paulson, Cheney, Rumsfeld, Bush and yes, even Obama who promised change and that is what we are getting "pocket change".
Read all of Hindery's article...click here
Peter Morici: Obama Administration "Blew" Chance at Recovery
ReplyDeletehttp://tinyurl.com/2asbfrp
the elderly...cut em
ReplyDeletethe school lunch program..cut em
the disabled...cut em
unemployment benefits....lets think about
corrupt bank in Afghanistan...give em what they need
U.S. to Help Bail Out Afghan Bank to Avert a Crisis
KABUL, Afghanistan — In a bid to fend off the threat of a nationwide financial crisis, the Afghan and United States governments tentatively agreed Saturday to bail out Afghanistan’s largest bank, according to Afghan and American officials.
http://www.nytimes.com/2010/09/05/world/asia/05kabul.html?_r=2
Obama: Time to Stop Robbing The Poor & Middle Class To Pay The Big Banks
ReplyDelete“In every Fed easing event during my career in finance (1986, 1992, 1998, 2002), it was the wave of refinancing of debt after the Fed eased interest rates that put permanent disposable income into the hands of households,” notes a former Fed official who worked in the banking industry for decades. “In this last easing, however, FNM, FRE and the TBTF banks have conspired to break the transmission mechanism for monetary policy and are now strangling the U.S. economy to save themselves from past errors.”
http://fedupusa.org/2010/09/05/obama-time-to-stop-robbing-the-poor-middle-class-to-pay-the-big-banks/
Why Big Bankers and Corporations Love Obama
ReplyDeletehttp://www.ronpaul.com/2010-09-06/why-big-bankers-and-corporations-love-obama/