Bill Bonner

Remember our report from yesterday: “Generation Jobless” was how The Wall Street Journal put it. Here’s more. From the blog “Economic Collapse:”

19 Statistics About The Poor That Will Absolutely Astound You.

#1 According to the US Census Bureau, the percentage of “very poor” rose in 300 out of the 360 largest metropolitan areas during 2010.

#2 Last year, 2.6 million more Americans descended into poverty. That was the largest increase that we have seen since the US government began keeping statistics on this back in 1959.

#3 It isn’t just the ranks of the “very poor” that are rising. The number of those just considered to be “poor” is rapidly increasing as well. Back in the year 2000, 11.3% of all Americans were living in poverty. Today, 15.1% of all Americans are living in poverty.

#4 The poverty rate for children living in the United States increased to 22% in 2010.

#5 There are 314 counties in the United States where at least 30% of the children are facing food insecurity.

#6 In Washington DC, the “child food insecurity rate” is 32.3%.

#7 More than 20 million US children rely on school meal programs to keep from going hungry.

#8 One out of every six elderly Americans now lives below the federal poverty line.

#9 Today, there are over 45 million Americans on food stamps.

#10 According to The Wall Street Journal, nearly 15 percent of all Americans are now on food stamps.

#11 In 2010, 42 percent of all single mothers in the United States were on food stamps.

#12 The number of Americans on food stamps has increased 74% since 2007.

#13 We are told that the economy is recovering, but the number of Americans on food stamps has grown by another 8 percent over the past year.

#14 Right now, one out of every four American children is on food stamps.

#15 It is being projected that approximately 50 percent of all US children will be on food stamps at some point in their lives before they reach the age of 18.

#16 More than 50 million Americans are now on Medicaid. Back in 1965, only one out of every 50 Americans was on Medicaid. Today, approximately one out of every 6 Americans is on Medicaid.

#17 One out of every six Americans is now enrolled in at least one government anti-poverty program.

#18 The number of Americans that are going to food pantries and soup kitchens has increased by 46% since 2006.

#19 It is estimated that up to half a million children may currently be homeless in the United States.

Now, dear reader, we ask ourselves: how could the most sophisticated, most dynamic, best capitalized, high tech enhanced capitalism in history produce such an outcome?

The answer is simple: capitalism doesn’t give you what you want. It gives you what you deserve. And it usually does so with such a long delay that few people connect cause with effect.

Instead, they rant and rave. They blame the rich. They call for more regulation. More distribution. More handouts, subsidies, and bailouts.

They demand that the feds ‘do something!’…not realizing that the feds — more than anyone else — are responsible for their misery:

The feds tricked them into spending more than they could afford — with artificially low rates and EZ credit.

The feds loaded them up with mortgage debt — thanks to their federally subsidized mortgage industry.

The feds practically invented sub-prime mortgage debt; and directed lenders towards the poorest and most vulnerable parts of the society.

The feds enticed old people into complete dependence — with the Social Security, Medicaid and Medicare programs.

The feds led the young into debt too — with easy student loans that effectively transferred money from them to the education industry.

The feds jimmied the health system into such a mess that Americans now spend 45 times as much as Cubans…and have the same life expectancy.

The feds’ funny money system caused the export of millions of good jobs to emerging markets.

Rise up, ye debt-trodden masses! Rise up against your real enemy: the feds. You have nothing to lose but your chains

Regards,

Bill Bonner
for The Daily Reckoning

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America's most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind The Daily ReckoningDice Have No Memory: Big Bets & Bad Economics from Paris to the Pampas, the newest book from Bill Bonner, is the definitive compendium of Bill's daily reckonings from more than a decade: 1999-2010. 

Recent Articles

Extra!
Where You Can Make $56,000 a Year Delivering Pizzas

Jim Mosquera

US unemployment rates are some of the most dubious and debatable numbers in economics. And when you look at how the government fudges them it's easy to see why. Today Jim Mosquera attempts to make sense of them, and includes an insightful commentary on another controversial topic: minimum wage. Read on...


Addison Wiggin
The Quickest, Easiest Way to Store Your Wealth Overseas

Addison Wiggin

Over the years, the feds have made it increasingly difficult for you to maintain any semblance of financial freedom. So today, Addison Wiggin details one strategy that will go a long way to keeping them at bay, and allow you to keep more of your hard-earned money in the process. Read on...


The Next Phase of Gold Profits is About to Begin

Frank Holmes

Today Frank Holmes shows how tracking the past history of the Federal Reserve's Funds Rate Cycle can be a powerful prediction tool for gold investors. Specifically, he points out why this is the beginning of a period in the cycle that's historically favorable for the price of gold, and how you can take advantage of it. Read on...


Laissez Faire
A Graceful Way Around Obamacare Mandates

Jud Anglin

Real health care reform isn't going to come in the form of laws, rules, and regulations. It's going to come from people looking to do things differently and find savings where none previously existed. And that means developing new technology that expands medical coverage. Now if only government got out of the way...


188 Stocks that Could Benefit from a Short Squeeze

Greg Guenthner

With the market hitting new highs all the time, many investors are beginning to think that a dramatic drop in stock prices is right around the corner. But while they continue to add short positions to their portfolios, you can take the opposite side of the trade and laugh all the way to the bank. Greg Guenthner explains...