- Census data: Half of U.S. poor or low income December 15, 2011 6:25 AM WASHINGTON - Squeezed by rising living costs, a record number of Americans — nearly 1Message 1 of 2 , Jul 30, 2012View Source
Census data: Half of U.S. poor or low income
December 15, 2011 6:25 AM WASHINGTON -
Squeezed by rising living costs, a record number of Americans nearly 1 in 2 have fallen into poverty or are scraping by on earnings that classify them as low income. The latest census data depict a middle class that's shrinking as unemployment stays high and the government's safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families. "Safety net programs such as food stamps and tax credits kept poverty from rising even higher in 2010, but for many low-income families with work-related and medical expenses, they are considered too `rich' to qualify," said Sheldon Danziger, a University of Michigan public policy professor who specializes in poverty.
"The reality is that prospects for the poor and the near poor are dismal," he said. "If Congress and the states make further cuts, we can expect the number of poor and low-income families to rise for the next several years."
TV reported Monday, July 30, 2012: The Low Income Rate is 20% and this is increasing at the highest rate in 40 years.
Heading to Great Depression II under Pres. Mit Romney?
BayPointMike Reply to:
> AFTERSHOCK - Next Economy & America's Future Robert Reich
> - www.robertreich.org <http://www.robertreich.org/> $6 Barnes &
> Noble Apr 2011 INTRODUCTION The Pendulum
> /Pg. 1/ "I wrote this book so you would know why the economy remains
> bad for so many Americans, why our politics has become so angry and the
> fundamental choice we face in the years ahead.
> What I have to tell you is not being told by lobbyists and economists
> working for big corporations and Wall Street. They say the problem is
> most Americans have lived beyond their means and must now endure the
> painful adjustment of living within their means. They are correct that
> for years most Americans spent more than they took in. But the remedy is
> not austerity. [added comments in brackets -mfs]
> The reason most Americans have lived beyond their means is because their
> means have not kept up with what a growing economy can, and should have
> been able to provide for them: Adequate wages. Over the last three
> decades working families have taken home a smaller and smaller share of
> the nation's total income. A larger and larger portion has gone to
> people at the very top. This has hurt the economy. The rich don't
> spend as much of their earnings as the rest of us. They invest their
> savings wherever around the world they can reap the highest return
> [Romney's Bain Capital? -mfs] And the rest of us, with a smaller
> share of the total, lack the purchasing power to keep the economy going
> at full speed.
> This problem was disguised for a time. Most Americans continued to buy
> as if their incomes had continued to rise. They did this by going deeply
> into debt. But when the debt bubble burst in 2008 the game was up.
> Without enough buyers, companies shed workers. The Great Recession began
> [and continues in 2012 -mfs].
> [Pg 3] Technically, the Great Recession has ended. But its aftershock
> has only begun. >
> Ø Daily we import $1.6 Billion MORE than we sell up from a
> Billion-a-day a few months ago. How long can we continue this deficit?
> Ø All seek high salary work but cannot compete with
> computer-controlled assembly line robots. Japan runs a 12 year-old
> factory without workers to build assembly line robots sold worldwide.
> Are we the last to use them?
> Ø Tesla uses multi-tasking robots to build electric
> cars in Fremont. Canadian planes, fast trains and rail cars sell
> worldwide with components made in Canadian assembly lines in Mexico.
> Canada modified a German auto assembly line to build US jet engines for
> the largest US jet engine builder.
> Ø Newest technology microchips are built in $1 Billion factory
> build by a US company -in Vietnam last year, don't we have abandoned
> military bases in California? Workers trained by teachers trained by
> company; construction took longer than training. No college graduates
> employed. Only US and Canada build composite material airplanes with
> Only Two Options: Either
> A. Elect M. Romney and return to the 1936 policy and cut spending on jobs, training and expect Great Depression II.
Note: This time we don't have a World War to lend foods and weapons to our allies. Yes, they paid it all back, with interest.
> B. Elect Democratic Party President and Congressional majorities toCurrent Congressional gridlock prevents passage of any and all comprehensive Economic solutions.
> avoid Congressional gridlock.