J.T
09-24-2011, 05:16 PM
Two reports this week underscore the shocking growth of social inequality in the United States. The historically unprecedented concentration of wealth in the hands of a few people is the corollary to mass poverty on a scale not seen since the Great Depression.
On Wednesday, Forbes magazine released its annual tally of the 400 richest Americans, whose combined net worth has soared to $1.53 trillion, up 12 percent since last year. To even make the list, it was necessary to have a fortune of at least $1.05 billion, more than ten thousand times the median net worth of an American household.
...
Also on Thursday, the US Census Bureau released its “American Community Survey,” a detailed breakdown of poverty, income and other metrics for different areas of the country, including the main states and cities.
Thursday’s report followed figures released earlier this month showing that the number of Americans living in poverty—defined as about $22,000 for a family of four—soared to 46.2 million last year, its highest level on record. The official poverty rate is 15.1 percent, or one out one every six people. The child poverty rate is 22 percent.
In certain regions of the country, the growth in poverty—and the level of inequality—is even more shocking. In New York, the home of Wall Street and a city where the cost of living is far higher than in many parts of the country, the official poverty rate increased to 20.1 percent last year. Among children, the poverty rate soared nearly 3 percentage points in one year, to 30 percent.
...
In the United States, the Obama administration is spearheading an unprecedented attack on social programs, releasing this week a proposal to cut hundreds of billions from government health care spending. Over the next two months, Washington will be consumed by a discussion over how far it can go in undermining and ultimately dismantling Medicare, Medicaid, Social Security and other social programs.
http://www.wsws.org/articles/2011/sep2011/pers-s23.shtml
Just a few things in mind when you hear the politicians lambasting 'class warfare' and claiming the wealthy are under attack in America.
On Wednesday, Forbes magazine released its annual tally of the 400 richest Americans, whose combined net worth has soared to $1.53 trillion, up 12 percent since last year. To even make the list, it was necessary to have a fortune of at least $1.05 billion, more than ten thousand times the median net worth of an American household.
...
Also on Thursday, the US Census Bureau released its “American Community Survey,” a detailed breakdown of poverty, income and other metrics for different areas of the country, including the main states and cities.
Thursday’s report followed figures released earlier this month showing that the number of Americans living in poverty—defined as about $22,000 for a family of four—soared to 46.2 million last year, its highest level on record. The official poverty rate is 15.1 percent, or one out one every six people. The child poverty rate is 22 percent.
In certain regions of the country, the growth in poverty—and the level of inequality—is even more shocking. In New York, the home of Wall Street and a city where the cost of living is far higher than in many parts of the country, the official poverty rate increased to 20.1 percent last year. Among children, the poverty rate soared nearly 3 percentage points in one year, to 30 percent.
...
In the United States, the Obama administration is spearheading an unprecedented attack on social programs, releasing this week a proposal to cut hundreds of billions from government health care spending. Over the next two months, Washington will be consumed by a discussion over how far it can go in undermining and ultimately dismantling Medicare, Medicaid, Social Security and other social programs.
http://www.wsws.org/articles/2011/sep2011/pers-s23.shtml
Just a few things in mind when you hear the politicians lambasting 'class warfare' and claiming the wealthy are under attack in America.