Economy

Rant

Welcome to the third world

Posted 36 months ago|6 comments|1,464 views
Poverty in US
Written by
More Americans are living in poverty now than in the entire 52 years that the US Census Bureau has been tracking this figure. According to the 2010 census, 56.2 million people in the US are living below the poverty line! That means that income of every sixth American is below $11,139!

Would you say that the best years of your life are your 20's and 30's? Well, think again... 45.3 percent of adults aged 25 to 34 are living below the poverty line! Consumer prices in US have risen by 150 percent since 1980 while people in America earn only about 11 percent more than they did then (those percentages are adjusted for inflation).

In 2009, American Recovery and Reinvestment Act of 2009, with a price tag of $787 billion tried almost the same things that the new American Jobs Act features! The new plan is almost the same as the prior stimulus. It even extends the same tax breaks and social welfare spending from the 2009 act. There are some differences but, it remains remarkably similar to the failed 2009 American Reinvestment and Recovery Act.

This legislation will pass, I'm sure of that. Then, it will fail. The 2009 Act resulted in additional 2.6 million Americans dipping below the poverty line in 2010 alone! Median income for 2010, $47,715, is only within a few dollars of the 1973 statistic, adjusted for inflation. As for the rich, they did just fine! Households with annual income of more than $100,000 saw a raise in income compared to 2009. More than 60 percent of population saw their income drop drastically. Somehow, it makes you wonder... are job laws here to help only the rich?

Worse of all, there are now more than 1.7 million L.A. County residents living below the hunger line. According the U.S. Census Bureau and the Agriculture Department, 3.5 million children under the age of 5 are at risk of hunger in the United States. Well, nothing to be alarmed about, after all, there are 2.5 million people in Afghanistan living below the hunger line.

What's left to the average American?

"Down in the shadow of the penitentiary,
Out by the gas fires of the refinery,
I'm ten years burning down the road,
Nowhere to run aint got nowhere to go.
"
(c) Born in the U.S.A. by Bruce Springsteen
UPDATE - 36 months ago
There was a typo. Actual number of people living below the poverty line is 46.2 million. Still, it remains 15.1 percent of the total population and 422,000 children under 15 were not included in that total!

Source for all the data is http://www.census.gov/hhes/www/poverty/p...
EMAIL|FLAG THIS POST
COMMENTS
36 months ago: These jobs are going boy, and they aint coming back, to your home town.
36 months ago: The Democrats lost New York Congressional District 9 by a lot. This district has not gone Republican for a hundred years.

If NY 9 can go Republican, everything is possible.
36 months ago: After a 2012 landslide, we amend the constitution outlawing income taxation, pass the fair tax and watch poverty essentially disappear.

I cannot wait.
36 months ago: I don't know why, but I just love the fourth clause of section 9 of US Constitution that specifies that, "No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or enumeration herein before directed to be taken."

That 16th Amendment changed everything...
Altruist
Altruist
Eugene, OR
36 months ago: A good rant.

You like most people don't consider the 1st stimulus a success because unemployment went up and people are still suffering, but the non partisan CBO said that it created as many as 3.4 million jobs. http://www.care2.com/causes/up-to-2-9-mi...

Economists always said that the stimulus wasn't big enough, and then to appease the Republicans, 1/3rd of the stimulus was actually tax cuts which are not as effective. It turns out the recession was much worse than initially thought so early projections of unemployment at 8% didn't work out. The act did create jobs and saved us from going into a depression.

Now that we are in danger of going into a second recession we need another stimulus. The austerity measures forced on us by the Republicans are slowing the economy down and costing jobs.

What we really need is a program to put the chronically unemployed to work like Jan Schakowsky's bill which would create 2.1 million jobs. http://schakowsky.house.gov/index.php?op...

But Obama's bill does put a lot of the unemployed to work and allows the unemployed to use their unemployment checks to start their own businesses. The experts think it would help in the short term but there are basic problems with the economy. http://www.startribune.com/politics/nati...

I wish I shared your confidence that The jobs bill would pass but the Republicans will pick and choose the parts they like (tax cuts) and scrap the rest, and will want to pay for it by eliminating things like the the EPA instead of asking the rich to pay their fair share.

Slim is right that most jobs aren't coming back because they are overseas and the corporations through technology has found ways to make fewer workers do twice the work.

The Democrat who ran in N.Y lost because he was a weaker candidate and because they were still PO'd by Weiner.

Red, you guys already had your landslide and there is huge amount of buyers remorse. We have tried the Republican plan for 13 years now and it doesn't create jobs. Austerity is like Throwing gas on the fire. The fair tax would increase the income inequality twice as much as it is now.
36 months ago: Thank you for constructive comments and citing sources.

Well, I think that CBO did post great analysis but the figure is different than the one you posted. CBO actually estimated that 0.8 million to 2.5 million kept or got their jobs thanks to ARRA.

That is great but I really do not think that creating (or keeping) jobs at the price of $935,000 to $314,800 per job is a success. Heck, at that price tag, there should have been 0.8 to 2.5 million businesses created!

The new act will pass but to tell you the truth, I don't think it will not have any more impact than ARRA did. It will successfully spend money, keep some jobs, create a few new ones at great cost and that will be it!

Post a Comment
Sign in or sign up to post a comment.