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
Bill Bonnerfor The Daily Reckoning
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 Reckoning. Dice 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.
OMG Bill you’re gonna get your ass tomahawked by the feds, whose articles am i gonna read then?
There is your enemy OWS. Your pols are going to betray you once you disturb the “rich” too much. They know where the butter for the bread comes from and they want theirs. They will not stand for your interruptions much longer. They are looking for any excuse. O’Reilly is turning the “folks” against you.
To which the clear and obvious conclusion is that capitalism is finished, and tonight’s news about Italy should persuade dispassionate observers that in Europe at least the present version of the great game is done, over, defunct, clapped out, knackered, and gone. I don’t know what the feds’ connection is to the mysterious activity of investment bankers, as opposed to a transparent connection to the bankers themselves, but would reckon that the poor who have borrowed too much would be blaming nobody but themselves. And who should we blame for the irresistible compulsion amongst those at the bottom to buy something they needed but couldn’t afford? Now, let me see …
The poor aren’t ranting and raving or blaming anyone but themselves. But it would seem doubtful that they would have chosen this particular system under which to try and satisfy a modest desire to put a roof over their heads under their own steam. If capitalism gives people what they deserve, Bill, why doesn’t it give people who work hard a home? And when is it going to give rich bailed-out bankers what they deserve? Or is that where the riots come in?
It might be time for some serious discussion about population control. The poor keep popping out kids like candy out of a Pez dispenser. Maybe an incentive system not to have children, as it seems Food Stamps and handouts only encourage it.
I would like to see a plot of the “poverty level” versus time (years). It is one more government statistic that is easily manipulated and never closely examined. Who sets the level? Who approves it?
However, it does get a lot of press, but mostly a liberal slant.
Word up! BB Rich&Wiz. I’d like 2 comment but i’m busy getting ready 4 this yrs 666 party. And u know who’s hosting the party? No other then. “Santa Himself!” It kinda gives-ya shivvers,don’t it? *S* PS were all headed down the same rd the Romans went dn. Nothin we can do bout it,its our destiny. Sry all,we did it 2 “our-selfs!” Beware of the “Ides of March” said the Sooth-Sayer!!!
I don’t think you can say that stuff in polite company. I sure think it though. Especially about some of our immigrant friends. I also question tax deductions for an unlimited amount of kids. Maybe beyond three and you are on your own. I look around at people with large families and I am not sure we need so much of what they got.
“capitalism doesn’t give you what you want. It gives you what you deserve.”
… and we come full circle back to the 19th century. economic survival of the fittest. luck and pluck. let them eat cake.
Look, I have no problem with people saying that capitalism is giving people what they deserve and thinking that it is like it should be.
But what often strikes me that this opinion is also often expressed by Tea Party goers or Republicans that claim that God’s Word is their inspiration. I guess they should have a look at Deuteronomy 15:4 again.
And I really think that the government is hardly to blame for this. The ‘haves’ in the US are simply having the opinion that the poor are lazy (although the jobs that existed for the lower class 50 years ago don’t exist in the US anymore) and that therefore it is justified to not share wealth in any way with the people that have not.
People getting poor is just a rule of nature like gravity. And if one doesn’t actively fight it the problem will get worse. Yes, jobs help, but it is only part of the package in my opinion.
Hey Wiz. Why don’t you build your own small house? Small houses are not that hard to build and you can improve on them over time. I know many poor, making about $10 an hour, who pay $1,000 an acre for rural land and build a modest house on it.
Hey, Bill! Who owns the feds? I mean who do the feds work for? I have a rabidly conservative friend that insists that all our problems come from the federal govt. That is like pulling a bullet out of a corpse and then charging the gun with murder. If the govt hadn’t been corrupted and twisted to serve monied interests instead of the public, we wouldn’t be in near the mess we are now.
“I don’t think you can say that stuff in polite company. I sure think it though.”
…and why the heck not? This political correctness is killing us all. I’ll say it, if you cannot afford to feed and care for your children, DON’T HAVE ANYMORE!!! Feds, stop subsidizing this type of behavior. The very thing the liberals claim they care so much about, poverty, they are enabling.
Africa is suffering from unrestrained population growth and extreme misery. Stop the madness!!
“I have a rabidly conservative friend that insists that all our problems come from the federal govt.”
….and he would be right, all forms of Democracy, over time, devolve into some type of tyranny. This is what Thomas Jefferson warned us about and guess what…he was right! That is what we are facing today in Amerika except that they (the feds) are turning up the heat so slowly few are able to recognize they are about to be cooked.
Take away the food stamps, NASCAR races and Kardashians and America would be in revolt all ready.
“Small houses are not that hard to build and you can improve on them over time. I know many poor, making about $10 an hour, who pay $1,000 an acre for rural land and build a modest house on it.”
try doing that where I live. sewer fees, survey fees, grading fees, tax fees, footing fees, improvement fees, assessments, mandatory electrical service, mandatory water service, etc etc etc. this raises the total cost of a cheap self-built little house to as much as that of a debt slave house. and this is deliberate. the idea is to prevent ordinary people from bypassing the banks and the big business interests – “you will pay us one way or another”. meanwhile none of this touches the infestor class. they just say “ok” and pay it and do whatever they want. after all they aren’t the ones paying for it. we are.
Capitalism hasn’t ruined anything. Rather crony capitalism and corporatism has been the culprit. And for the poor souls who are, at least I think, attempting to absolve the government, the buck stops there. Big government has always been in league with big business. Without big government’s help and allegiance, big business doesn’t have it’s way. Naivete is cute on kids, but otherwise…
I like those comments.
However I don’t quite agree with them.
Democracy and capitalism are not the same. They are at odds with each other.
If you’re not sure if that’s really true try watching Mike Moore Capitalism: A love story
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