Gnslngr

From AlterNet:

The Census Bureau has reported that 15% of Americans live in poverty. A shocking figure. But it’s actually much worse. Inequality is spreading like a shadowy disease through our country, infecting more and more households, and leaving a shrinking number of financially secure families to maintain the charade of prosperity.

1. Almost half of Americans had NO assets in 2009

Analysis of Economic Policy Institute data shows that Mitt Romney’s famous 47 percent, the alleged ‘takers,’ have taken nothing. Their debt exceeded their assets in 2009.

2. It’s Even Worse 3 Years Later

Since the recession, the disparities have continued to grow. An OECD report states that “inequality has increased by more over the past three years to the end of 2010 than in the previous twelve,” with the U.S. experiencing one of the widest gaps among OECD countries. The 30-year decline in wages has worsened since the recession, as low-wage jobs have replaced formerly secure middle-income positions.

3. Based on wage figures, half of Americans are in or near poverty.

The IRS reports that the highest wage in the bottom half of earners is about $34,000. To be eligible for food assistance, a family can earn up to 130% of the federal poverty line, or about $30,000 for a family of four.

Even the Census Bureau recognizes that its own figures under-represent the number of people in poverty. Its Supplemental Poverty Measure increases, by 50%, the number of Americans who earn between one-half and two times the poverty threshold.

4. Based on household expense totals, poverty is creeping into the top half of America.

A family in the top half, making $60,000 per year, will have their income reduced by a total tax bill of about $15,000 ($3,000 for federal income tax and $12,000 for payroll, state, and local taxes. The Bureau of Labor Statistics and the Census Bureau agree that food, housing, and transportation expenses will deduct another $30,000, and that total household expenditures will be about $50,000. That leaves nothing.

Nothing, that is, except debt. The median debt level rose to $75,600 in 2009, while the median family net worth, according to the Federal Reserve, dropped from $126,400 in 2007 to $77,300 in 2010.

5. Putting it in Perspective

Inequality is at its ugliest for the hungriest people. While food support was being targeted for cuts, just 20 rich Americans made as much from their 2012 investments as the entire 2012 SNAP (food assistance) budget, which serves 47 million people.

And as Congress continues to cut life-sustaining programs, its members should note that their 400 friends on the Forbes list made more from their stock market gains last year than the total amount of the food, housing, and education budgets combined.

Arguments about poverty won’t end. Neither should our efforts to uncover the awful truth.

tom kf4wol

I have lived in Poverty...i see no Scandal about it Self Determination, Hard Work and Common Sense in Managing one's Assets change one's Station in Life.

The Attitude's of someone owes me and Cradle to Grave Parasite attitude certainly will cement one into what you call "A Real Scandal"......The Problem is most want a Corner Office and the Assets of those who work and Strive to Educate themselves.

Sorta like a the "Joe the Plumber: line I once heard about Spreading Wealth...You Spread Wealth by Working for your own Wealth!!

That's my life experience and opinion...Crap on it if you like, just responding to your tribe from my life of hard knocks, been broke, worked, saved, sacrificed..have some funds in my pocket like that much better than your concept of "A Real Scandal"

Gnslngr

Ridiculous. What you are saying is that half of America doesn't work hard. Do you really believe that?

tom kf4wol

Can you please "Hi-Light" that in my tribe....I re-read it and my old eyes must be getting bad....failed to see that quote!!!

JLRplsFL

:thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup: :thumbup:

Pepper Loc: Planet Earth Country USA

That’s what we’re teaching our young people today. Little Johnny wants to be on the baseball team but he just doesn’t have the interest or talent but the manager is forced to let him play. Little Johnny goes into the field puts his glove on the ground and proceeds to play with some bugs paying no attention to the game. He learns that he doesn’t have to work or put forth any effort and he still gets to play. Little Sally wants to sing in the choir but she can’t sing a lick can’t carry a tune and only makes the rest of the choirs sound terrible but mommy goes to the school board and little Sally is in the choir despite her lack of talent. Both Johnny and Sally are now seen by the others as reasons they can’t reach their potential and are now disliked by many of their peers for forcing themselves into an environment where they obviously don’t belong. Now Johnny and Sally grow up having learned that they don’t need to have any qualifications nor do they have to put forth any effort after all they deserve the same pay check as everyone else even though they produce nothing. What’s more is they join the union, who must accept them, and the union must stand behind them…and all is well in America because we’re all treated as equals. Yea!

Gnslngr

Huh? My OP was about income inequality. I don't believe that its origins are in the lack of effort on the part of Americans in their employment. I think it has to do with theft. :thumbup:

Pepper Loc: Planet Earth Country USA

My response was in support of Tom’s post above. You’re obviously not an employer if you were you’d understand what Tom and I are talking about. Trying to find young people who are willing to work and put forth even a modest amount of effort is very difficult to say the least. Most want a lot of money along with a lot of authority and at the same time no responsibility or accountability. This attitude does impact and is at least partially responsible for the numbers in your OP.

Robert Graybeal Loc: Myrtle Beach

Exactly right! And that is what is wrong with this country.

JLRplsFL

... poor poor OP, he just doesn't get it... and never will.

Gnslngr

Gnslngr

No, I get it. And so will your children and grandchildren. Imagine how proud they will be of their knuckleheaded parents and grandparents who were the willing sock puppets for the wealthy. :thumbup:

Gnslngr

I love the fact that I post an article that shows how the wealthy, through the bribery of our public officials and the gaming of the entire system, literally stole the middle class wealth in this country and all you right wing crybabies can do is bemoan the younger generation's lackluster ambition without realizing that your parents said the exact same thing. Wow.

Pepper Loc: Planet Earth Country USA

Your parents maybe if you say so but don't put words in my parents mouths as they never said any such thing.

Lmarc Loc: Ojojona, Honduras

I agree wholeheartedly! NO ONE growing up in the US today is in worse poverty than I had. Gnslngr SOMETIMES comes up with a coherent idea or two, gotta give him that, but he hasn't a clue about poverty. Most poverty in the US is in some way self-inflicted or the result of very poor planning. I see more poverty in a day than Gnslngr has seen in a lifetime. If he wants to see how politicians can fuck up a country, come here for a visit. He'd die of an apoplectic fit, but it's only a prelude to what he will see when (hopefully never) the economy collapses.