Where’s all that Internet Wealth?

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

dailyreckoning.com.au / By Bill Bonner / April 8, 2013

Hey…where’s all that internet wealth when you need it?

From the Daily Mail in London:

‘US sees highest poverty spike since the 1960s, leaving 50 million Americans poor…
The number of Americans living in poverty has spiked to levels not seen since the mid-1960s, classing 20% of the country’s children as poor.

‘It comes at a time when government spending cuts of $85 billion have kicked in after feuding Democrats and Republicans failed to agree on a better plan for addressing the national deficit.

‘The cuts will directly affect 50 million Americans living below the poverty income line and reduce their chances of finding work and a better life.

‘As President Barack Obama began his second term in January, nearly 50 million Americans — one in six — were living below the income line that defines poverty, according to the bureau. A family of four that earns less than $23,021 a year is listed as living in poverty.’

The newspaper illustrates its bleeding-heart story with a ridiculous example, taken from the streets of Baltimore. A Mr. Antonio Hammond abandoned his children for 20 years…and stole copper pipes and other things to support a full-time drug habit.

‘All I wanted to do was to get high,’ he told the Daily Mail. Then Hammond kicked the habit and got a job at $13 per hour. Now he’s a success story. And if you believe the Daily Mail, cuts to the federal budget may make it harder for people like Hammond to escape from poverty.

Seems much more likely to us that cuts to federal spending will help people like Hammond get back on their own two feet; the feds won’t have the funds to keep him in poverty. Baltimore has been fighting poverty for the last 50 years — ever since President Johnson declared a war on poverty in the 1960s. Spending has gone up and up, blasting away at poverty with hundreds of billions of dollars.

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Thanks to BrotherJohnF