Half Of America In Poverty -- And It's Creeping Toward 75%
The Census Bureau has reported that one out of six Americans lives in poverty. A shocking figure. But it’s actually much, much worse.
Alternet
The Census Bureau has reported that one out of six Americans lives 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, over half of Americans are now IN poverty.
According to IRS data, the average household in the bottom 50% brings in about $18,000 per year. That’s less than the poverty line for a family of three ($19,000) or a family of four ($23,000).
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Whistler Blowers, Insiders
Courtesy of your Federal Reserve Bank.
Bis Bank in Basal, Switzerland has all the money.
That’s what happens when your currency is based on debt. The dollars in your pockets or bank accounts don’t represent assets, they represent debt. Right on the bills it says “This note is legal tender for all debts, public and private.” It does not say legal for transactions of assets, but debt.
To understand this more thoroughly, consider how government and the Fed freaked out when the mortgage system was collapsing and how frightened they were that people weren’t borrowing money. By not borrowing money, the inflation government depends on to keep funding the welfare state was imperiled This happens because of the fractional reserve banking system. It works like this: A bank needs money and orders some from the Fed, say $10k. By law they must keep 10% on hand so the loan out the remaining $9k. That money will end up in another bank which sets aside 10% and loans out $8,100. This process continues generating many times more dollars than the original $10k issue. You can find videos on this on youtube.
So, it is clear why government was panicking about lack of consumer borrowing and why they even see personal debt as a good thing since it keeps generating free money for them to spend. The banks play along because they get to keep the interest generated. In the long run it won’t last because the interest gradually eats the heart out of the economy and then the economy collapses.
Very good points in this article about the so-called takers. The few dollars given away over decades are a small percentage of what has been stolen by the criminal elite. Most Americans are so spiritually corrupted they can’t see straight. As criminals they are powerless to fix things. Stop being criminals,,stop celebrating your criminality,,you are very sick.
You do realize that your comments apply to most nations around the world, particularly the European ones, don’t you?
I like these odds… Half the population pist off from being poor… Thats a population of people I can work with…
The sell out oath keepers, not so much..
Just wanted to say the comments were very helpful and appreciated. An old guy like me needs the help. This sounds like a real bad situation that will end up like the 1930′s depression?
Those of you see what is coming understand. Need more be said?
The main reason we are not in a depression is the printing of fiat currency. All fiat currency fails.
When the music stops the party will be over and we will go into depression.
It would have been better to face our problems without the dept and the destruction of the $.
Thanks to our illegitimate leader and the corrupt and illegitimate federal reserve we will collapse
Liberal politicians are voted in because they give you benefits. If you want to be fiscally responsible you are a bad guy so there is no stopping this collapse.
Massive wars seem to follow economic collapse when the collapse is on a worldwide level.