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Record Number Americans, Or 46.3 Million, Lived In Poverty Last Year; 49.9 Million Without Health Insurance
The US Census Bureau has released its annual Income (not so much), Poverty (much) and Health Insurance Coverage report for 2010. The full thing is below but the highlights are as follows: i) Real median household income in the United States in 2010 was $49,445, a 2.3 percent decline from the 2009 median. ii) The nation's official poverty rate in 2010 was 15.1 percent, up from 14.3 percent in 2009 ? the third consecutive annual increase in the poverty rate. There were 46.2 million people in poverty in 2010, up from 43.6 million in 2009 ? the fourth consecutive annual increase and the largest number in the 52 years for which poverty estimates have been published; and iii) The number of people without health insurance coverage rose from 49.0 million in 2009 to 49.9 million in 2010, while the percentage without coverage ?16.3 percent - was not statistically different from the rate in 2009. Breaking it down by ethnicity, living in poverty were 27.4% of all blacks, and 26.6% of all Hispanics. White, non Hispanics and Asians were doing better at 9.9% and 12.1% respectively. At this point we could interject with a joke about the "wealth effect", "edible iPads", and/or "health insurance", but frankly, all those are way overused by now. Hence, we leave such creativity to our readers.
From the Census Bureau.
Summary of Key Findings
The U.S. Census Bureau announced today that in 2010, median household income declined, the poverty rate increased and the percentage without health insurance coverage was not statistically different from the previous year.
Real median household income in the United States in 2010 was $49,445, a 2.3 percent decline from the 2009 median.
The nation's official poverty rate in 2010 was 15.1 percent, up from 14.3 percent in 2009 ? the third consecutive annual increase in the poverty rate. There were 46.2 million people in poverty in 2010, up from 43.6 million in 2009 ? the fourth consecutive annual increase and the largest number in the 52 years for which poverty estimates have been published.
The number of people without health insurance coverage rose from 49.0 million in 2009 to 49.9 million in 2010, while the percentage without coverage ?16.3 percent - was not statistically different from the rate in 2009.
This information covers the first full calendar year after the December 2007-June 2009 recession. See section on the historical impact of recessions.
These findings are contained in the report Income, Poverty, and Health Insurance Coverage in the United States: 2010. The following results for the nation were compiled from information collected in the 2011 Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC):
Income
- Since 2007, the year before the most recent recession, real median household income has declined 6.4 percent and is 7.1 percent below the median household income peak that occurred prior to the 2001 recession in 1999. The percentages are not statistically different from each another.
Race and Hispanic Origin (Race data refer to people reporting a single race only. Hispanics can be of any race.)
- Among race groups, real median income declined for white and black households between 2009 and 2010, while changes for Asian and Hispanic-origin households were not statistically different. Real median income for each race and Hispanic-origin group has not yet recovered to the pre-2001 recession all-time highs. (See Table A.)
Regions
- Households in the Midwest, South and West experienced declines in real median income between 2009 and 2010. The apparent change in median household income for the Northeast was not statistically significant. (See Table A.)
Nativity
- Median income for households maintained by native-born householders declined between 2009 and 2010 in real terms. The change in the median income of all foreign-born households was not statistically significant. (See Table A.)
Earnings
- In 2010, the earnings of women who worked full time, year-round were 77 percent of that for men working full time, year-round, not statistically different from the 2009 ratio. The 2010 real median earnings of these men and women were not different from the 2009 earnings.
- Since 2007, the number of men working full time, year-round with earnings decreased by 6.6 million and the number of corresponding women declined by 2.8 million.
Income Inequality
- Based on the Gini Index, the change in income inequality between 2009 and 2010 was not statistically significant, while the changes in shares of aggregate household income by quintiles showed a slight shift to more inequality. The Gini index was 0.469 in 2010. (The Gini index is a measure of household income inequality; zero represents perfect income equality and 1 perfect inequality.)
Poverty
- The poverty rate in 2010 was the highest since 1993 but was 7.3 percentage points lower than the poverty rate in 1959, the first year for which poverty estimates are available. Since 2007, the poverty rate has increased by 2.6 percentage points.
- In 2010, the family poverty rate and the number of families in poverty were 11.7 percent and 9.2 million, respectively, up from 11.1 percent and 8.8 million in 2009.
- The poverty rate and the number in poverty increased for both married-couple families (6.2 percent and 3.6 million in 2010 from 5.8 percent and 3.4 million in 2009) and female-householder-with-no-husband-present families (31.6 percent and 4.7 million in 2010 from 29.9 percent and 4.4 million in 2009). For families with a male householder no wife present, the poverty rate and the number in poverty were not statistically different from 2009 (15.8 percent and 880,000 in 2010).
Thresholds
- As defined by the Office of Management and Budget and updated for inflation using the Consumer Price Index, the weighted average poverty threshold for a family of four in 2010 was $22,314.
(See <http://www.census.gov/hhes/www/poverty/data/threshld/index.html> for the complete set of dollar value thresholds that vary by family size and composition.)
Race and Hispanic Origin (Race data refer to people reporting a single race only. Hispanics can be of any race.)
- The poverty rate for non-Hispanic whites was lower in 2010 than it was for other racial groups. Table B details 2010 poverty rates and numbers in poverty, as well as changes since 2009 in these measures, for race groups and Hispanics.
Doubled-Up Households
- Doubled-up households are defined as households that include at least one "additional" adult: a person 18 or older who is not enrolled in school and is not the householder, spouse or cohabiting partner of the householder. In spring 2007, prior to the recession, doubled-up households totaled 19.7 million. By spring 2011, the number of doubled-up households had increased by 2.0 million to 21.8 million and the percent rose by 1.3 percentage points from 17.0 percent to 18.3 percent.
- In spring 2011, 5.9 million young adults age 25-34 (14.2 percent) resided in their parents' household, compared with 4.7 million (11.8 percent) before the recession, an increase of 2.4 percentage points.
- It is difficult to precisely assess the impact of doubling up on overall poverty rates. Young adults age 25-34, living with their parents, had an official poverty rate of 8.4 percent, but if their poverty status were determined using their own income, 45.3 percent had an income below the poverty threshold for a single person under age 65.
Age
- The poverty rate increased for children younger than 18 (from 20.7 percent in 2009 to 22.0 percent in 2010) and people 18 to 64 (from 12.9 percent in 2009 to 13.7 percent in 2010), while it was not statistically different for people 65 and older (9.0 percent).
- Similar to the patterns observed for the poverty rate in 2010, the number of people in poverty increased for children younger than 18 (15.5 million in 2009 to 16.4 million in 2010) and people 18 to 64 (24.7 million in 2009 to 26.3 million in 2010) and was not statistically different for people 65 and older (3.5 million).
Nativity
- The 2010 poverty rate for naturalized citizens was not statistically different from 2009, while the poverty rates of native-born and noncitizens increased. Table B details 2010 poverty rates and the numbers in poverty, as well as changes since 2009 in these measures, by nativity.
Regions
- The South was the only region to show statistically significant increases in both the poverty rate and the number in poverty -- 16.9 percent and 19.1 million in 2010 -- up from 15.7 percent and 17.6 million in 2009. In 2010, the poverty rates and the number in poverty for the Northeast, Midwest and the West were not statistically different from 2009. (See Table B.)
Health Insurance Coverage
- The number of people with health insurance increased to 256.2 million in 2010 from 255.3 million in 2009. The percentage of people with health insurance was not statistically different from 2009.
- Between 2009 and 2010, the percentage of people covered by private health insurance declined from 64.5 percent to 64.0 percent, while the percentage covered by government health insurance increased from 30.6 percent to 31.0 percent. The percentage covered by employment-based health insurance declined from 56.1 percent to 55.3 percent.
- The percentage covered by Medicaid (15.9 percent) was not statistically different from 2009.
- In 2010, 9.8 percent of children under 18 (7.3 million) were without health insurance. Neither estimate is significantly different from the corresponding 2009 estimate.
- The uninsured rate for children in poverty (15.4 percent) was greater than the rate for all children (9.8 percent).
- In 2010, the uninsured rates decreased as household income increased from 26.9 percent for those in households with annual incomes less than $25,000 to 8.0 percent in households with incomes of $75,000 or more.
Race and Hispanic Origin (Race data refer to those reporting a single race only. Hispanics can be of any race.)
- The uninsured rate and number of uninsured in 2010 were not statistically different from 2009 for non-Hispanic whites and blacks, while increasing for Asians. The number of uninsured Hispanics was not statistically different from 2009, while the uninsured rate decreased to 30.7 percent. (See Table C.)
Nativity
- The proportion of the foreign-born population without health insurance in 2010 was about two-and-a-half times that of the native-born population. The 2010 uninsured rate was not statistically different from the 2009 rate for native-born, the foreign-born overall and noncitizens but rose for naturalized citizens. Table C details the 2010 uninsured rate and the number of uninsured, as well as changes since 2009 in these measures, by nativity.
Regions
- The Northeast and the Midwest had the lowest uninsured rates in 2010. Between 2009 and 2010, there were no statistical differences in uninsured rates for any of the regions. The number of uninsured increased in the Northeast, while there were no statistically significant changes for the other three regions. (See Table C.)
Historical Impact of Recessions
Since 2010 represents the first full calendar year after the recession that ended in June 2009, one can compare changes in income, poverty and health insurance coverage between 2009 and 2010 with changes during the first year after the end of other recessions:
- Median household income declined the first full year following the December 2007 to June 2009 recession, as well as in the first full year following three other recessions (March 2001 to November 2001, January 1980 to July 1980 and December 1969 to November 1970). However, household income increased the first full year following the November 1973 to March 1975 recession, and the changes following the July 1990 to March 1991 and July 1981 to November 1982 recessions were not statistically significant.
- The poverty rate and the number of people in poverty increased in the first calendar year following the end of the last three recessions. For the recessions that ended in 1961 and 1975, the poverty rate decreased in the next full calendar year.
- After the most recent recession, there was no significant difference in the uninsured rate during the first full year after the recession. However, in the year following the recessions that ended in 1991 and 2001, the uninsured rate increased.
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I vote we raise capital gains tax on stock gains substantially and give the proceeds to the ny fed to buy spooz in a sort of perpetual cycle..makes about as much sense as anything else these days.
$20 billion in Wall Street bonues while Main Street sinks further toward poverty.
Anyone still denying they're looting the middle class?
Anyone still believe America will be saved?
No. Its being 3rd worlded. I tried to tell people thats what ObaMao would do, I was called 'racist'. Now let them all cry when that belly hits that spine and see if I care.
John "the fundamentals of our economy are strong" McCain would've prevented Wall St from clocking bonuses? Do tell.
Not sure how anyone can think we got here without the combined decades effort of a corrupt political system, run by global corporations overspending and underplanning
this started well before BO and is bigger than one man, one party. Trade long on KY and hedge with PPCRN....
2013 with Ricky Rimuolous steering the USS Retardulon should be a star spangled JUBILEE.........whooooopeeeee
$20 billion in bonuses from "trading" in money that was created out of thin air.
Money that has no value, nothing to back it up. But the shysters maintain the illusion of their precious and afford themselves a nice and comfy lifestyle!
I wish I could do that. Who says that anything these shysters earn has any value? Nobody, not yet. History WILL repeat itself! Rest assured.
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.
Winston Churchill
Enough Said.
Somebody at the Goldman Sachs will figure out how to sell these people and make a fortune.
After all, I'm sure they're all good for nothing and well-deserving of their poverty. /s
FEMA forced labor work camps. 'Shovel ready'.
People dont believe thats next? Then theyre simply totaly ignorant of history.
How about exporting 20 million illegal Chalupas? That would do more for jobs and poverty relief than anything Obummer and Timmy might dream up.
It's also the law of the land, not that Barry cares.
They're leaving anyhow when the shit is going down here.
What you should be asking is this. Why do the 20 million illegal Chalupas have jobs?
It's not bad enough yet.
More "big government" buses, please! Ooh...and fences...the people demand more fences!
get out your pruning shears bud
Who cares about this tripe? Just so long as JPM and Goldman execs get their bonuses then the world will fine.
Lies. Everybody knows Obama bought everyone health insurance and a new car.
Whats wrong, this mornings rumor pumpfest already faded? Come up with a new one quick! Maybe say Merkel bought some new shoes from Zappos...should be good for a 10% pop in that stock.
Lately, the NASDAQ has been like a turd that won't flush. I don't understand how anyone can possible believe that tech is going up from here. We are all living in the Twilight Zone. I'm just glad I'm not the only one.
Bullish... Why? Because we can't possible sink any lower! We are America! /sarc
Those Chinese frauds are hell on the portfolio?
"Well, the world need ditch diggers too.." Judge Smails.
Welfare state......for the top 1%............the rest will have to die off first in order to rise up for the ZOMBIE HOLOCAUST coming to a town near you..............
At this stage of the game, with job creation per prospective worker estimated at over $300K, why not simply print up a $300K gift per citizen and/or forgive all mortgages? I mean, why not say or do anything at this point? It's all finaincial fuckery and delusions :: give the populace some love Barry et. al for their last shopping spree poor dumb fuck hoorah!
Sacrifice the health and welfare of the super-set to give a sub-set maximum, idealized liberty? Ironic how a meme can literally "gut itself" when it decouples from biological reality.
Libertarian ideals are platonic abstractions and fundamentally anti-human.
Simple, elegant, satisfying and absurd all at the same time. I applaud RP for having the balls to articulate that in front of a national audience. I want to hear much more from this would be crusader.
Krugman says huge natural disasters and world wars are needed to get the Ponzi going full-speed ahead. I say let the G7 countries consume their own shit, and starve the Ponzi. That's the only way out of this.
I bet politicians aren't living in poverty. The people that are supposed to be representing us are making sure the oligarchy remains intact while we pay their salaries and pensions.
The standards for poverty are all relative. If you only own a tiny Golfstream G150 jet, $20 million yacht and $35million vacation cottage in Nantucket, you live in poverty in Lloyd Blankfein's eyes.
That means food stamp data is behind actual poverty rate by a year?...wowza things are much worse.
correct papa. in fact, most every strand of data is well behind actual accounting rate. this is precisely why any semblance of funDUHmentals accounting are avoided like the plague.
The stupid and unstated assumption is that by having "health insurance" one is somehow healthy or can live longer. Got news for ya'all.
Allopathic/pharmaceutical/chemo/radiation medicine is full of shit and death and disease. Orthepedic and surgery work in certain situations. But 95% of modern medicine is all about the dough.
Here are two real cancer cures that work naturally with the body's immune system with no deadly side effects: http://www.rense.com/Steve%20Jobs.pdf
Or we can save billions and let people die with grace. How much of the ridiculous cost of healthcare is caused by clinging to a few more months of debiltating pain?
You're right about boner meds and "I want to eat crap and not have to exercise" heart pills though.
Nutrition is the most fundamental element to good health and it has little place in modern medicine.
Yep. Damn I love accurate numbers. Gives you an accurate picture as to where to invest your capital.
Well, what's left of it.
With an influx of Third World population, both legal and illegal, into the United States coupled with an aging American population, it is unrealistic to expect median household income to hold steady. No immigrant in America’s past ever arrived on these shores expecting instant income equality. Such a feat can only be achieved by State socialism, i.e., income redistribution, Obamacare, Medicaid, Food Stamps, Housing subsidies, Job displacement of higher paid workers... But even that takes time and will, of course, lower all boats, except for the State-connected. For those seeking instant gratification, whether native or foreign born, below is the elephant in the room --
The Facts:
The white, non-Hispanic segment of the population is steadily shrinking, and has dropped from 69.1 percent in 2000 to 63.7 percent in 2010. The Census Bureau predicts that, by 2050, white people will only make up 46.3 percent of the population. The burgeoning Hispanic population is one major reason for this projected shift—the Hispanic populace grew a staggering 43.1 percent from 2000 into 2010, and is expected to make up 30 percent of the population in 2050, up from its current share of 16 percent. – US News, May 13, 2011
http://www.usnews.com/news/articles/2011/05/13/7-ways-the-us-population-is-changing
The Pew Hispanic Center estimates that in the 1980s the net advance of the undocumented population was at the 130,000 per year, increasing to 450,000 per year from 1990–1994, and further increasing to 750,000 per year from 1995–1999, and staying at 700,000–850,000+ per year since about 2000. -- http://en.wikipedia.org/wiki/Illegal_immigrant_population_of_the_United_States
If current trends continue, the population of the United States will rise to 438 million in 2050, from 296 million in 2005, and 82% of the increase will be due to immigrants arriving from 2005 to 2050 and their U.S.-born descendants, according to new projections developed by the Pew Research Center.
http://pewhispanic.org/files/reports/85.pdf
Race and Hispanic Origin Distribution | U.S. Bureau of the Census | October 1996
The Hispanic origin population is projected to increase rapidly over the 1995 to 2025 projection period, accounting for 44 percent of the growth in the Nation's population (32 million Hispanics out of a total of 72 million persons added to the Nation's population).
The White population, the largest of the five race/ethnic groups, is projected to be the slowest-growing among the groups during the 1995 to 2025 projection period. During this period, the White population is projected to account for at least one-fifth of the absolute increase in the Nation's population in all regions except in the Northeast (where this group declines in size).
http://www.census.gov/population/www/projections/ppl47.html
OMG, they're having sex with the white women!
Blame the Catholic church.
Well, they deserve it (for the economy and the wars ... not the sex thing).
And just what is the Catholic Church's stance on the current ME wars?
The market rallied on the news. It must be a green shoot.
akshully , when the belly hits the spine , the obesity problem is.....GONE!
What if those guys are poor in income but asset rich? If a guys makes ZERO dollar annual income, but sits on 10K-ounces gold bars and 7-digit bank account? He's still in poverty according to government stats. sex, lies and gubbermint stats.
How many of these guys are there? 5? 6?
America is rife with conditions that make it horrificly expensive to provide healthcare to all. This is a country where unhealthy, greasy, fatty fast food is king. Go to a restaurant and the portion sizes are enough for 2 (or more!) people. Who walks or bikes anywhere when you can (and have to) drive everywhere. What is the disincentive for driving? Gasoline is cheap!
All that cheap fast food gets offset by expensive heart problems, diabetes, cancer and other maladies that we have to pay for later. All those cheap shitty McDonalds cause expensive angioplasty to clear out all the crap accumulating in arteries. Or they pay for Wilford Brimley to sell his Liberty Medical Supplies on TV to diabetics.
People are overweight because they don't walk anywhere like humans have done since the beginning of time. They waddle to their SUV - fueled by artificially cheap gasoline - and drive to Wal-Mart. They live out in the burbs where everyone is scared of each other and of things like walking down the street to get to something. Since you can't walk anywhere public transit, with the exception of places like New York and the East Coast, is ineffective.
So let's say we start government-run healthcare. The problem is that government has too many conflicting missions. Fast food is cheap because food ingredients are subsidized, whether directly or indirectly, in order to placate the farm lobby. Our nation's long-term push for the suburbs was created to placate all sorts of groups who benefit from that - the road construction people, builders, union construction workers, people who make money flipping large plots of land, auto manufacturers...
Our own government has helped create these problems. Unless something is done about our absurd farm subsidies and other handouts this is like drinking Weight-Gain 2000 and Slim-Fast at the same time and expecting some kind of good result.
Clearly we need more tax breaks for the wealthy, then they can trickle some more down on everyone else.
Either that or the 'poor' should wake up, look at the new dawn with steely eyes and say: "Yes, today I'm finally going to control my own destiny. I'm going to understand what makes things work, what humankind needs to have improved, and by-jove, I'm going to learn all I need to improve my own lot in the world by working on things that matter. I may have slept and horsed around during my early years of education, but now I'm going to dig in. Of course, since I don't know shit at this point, cannot really read and can barely write my name with a pointed stick in the sand, I'm going to need to take menial jobs to support myself while I try to make-up for the lost time of my youth"....
Of course, that rarely happens. Instead its "Hey, slide me another COORS LITE, gonna go on to Zhedge and bitch about the man and TPTB while I listen to euro-techno-crap.....LOL
We have become a second-rate, third world country not because Americans aren't among ( I say among) the smartest, hardest working, most innovative people on the planet but because we have been systematically looted, misled, and sold out. Our schools no longer prepare our children for a productive life, we have no industries to speak of, our infrastructure is crumbling, and there is zero future for our young people except to join the military, see the world, meet exotic people, and kill them.
Has this just happened? Is this just the breaks? Or does every bank, think tank, lobbyist office, and government building deserve to be burned to the ground along with their occupants? Just asking of course - not advocating. You betcha.
Well, my working model posits that deep-seated corporate corruption, which includes a special interest 'ecosystem' of moderate complexity, has now rendered democracy ALMOST helpless. In a status quo world, democratic rebellion doesn't do the trick and then the question is: do the corporations themselves evolve to understand the value of a just society, or have we entered a period of Leviathan, and if so just how nasty brutish and short does life become?
It all hinges, IMHO, on legitimacy of authority. Lose that, and you have lost all. And that is exactly what the financial sector and others are destroying.
We are looking at a doomsday machine that I like to call PSYCHOPATHOCRACY. Only the psychopaths can attain power, and they must, by their nature, destroy the system.
It seems like a vortex that is hard to get out of. Is it impossible? How would we change it? Those are the questions of the time, and it draws late in the day.
I'm beginning to accept that at my age, I have to adjust to my "rescue job" making minimum wage. There aren't any better paying jobs in my neck of the woods and won't be for at least 5 years (real estate hit Florida bad and it's stayed that way). Nor are employers of almost any stripe hiring 50+ workers. I just say a prayer every morning that the job I have stays full time and lasts for another 6 years so I can collect partial SS.
No atheists in a foxhole? No atheists on the unemployment line, either
there are a real bunch of wise guys here on ZH, acting real tough.
but sooner or later, reality will catch up with you, and bites where it hurts most.
Poverty is waiting to teach you about life...
Ooooooooohhhhhh....
Yah, when pigs fl--oh shit.
US Census data = Bullshit. That's all I gotta say about that
Child poverty in US-American Dream-09-12-2011 http://www.youtube.com/watch?v=BOG6FaaU3a4
I live in a very rural area that is considered low income.....
My wife teaches kindergarten here (don't know why, don't need the piddly money, guess she just likes the torture?). This is a Title 1 school, VERY rural Georgia. There are 18 kids in her class, all but ONE get a free breakfast and lunch, every day, paid for by me and the rest of the taxpayers.
I went to an "open house" last night just to see what "it was like."
I was just disgusted when I saw all those fat fucks come around giving my wife shit about the "classroom environment." NONE OF THEM HAVE MISSED ANY MEALS. None. Nobody around here is starving. All these "parents" had cell phones, lot's of iPhones, brand new designer clothes, very nice shoes on the women's feet, many morbidly obese......
I have NO sympathy for them. They are scabbing off the taxpayer, plain and simple. Pisses me off to no end, and they complain about "POVERTY." It's bullshit. All bullshit, and I'm the one enabling this through forced redistribution of my labor. So fuck, why should I work at all just to support the lazy fat fucks who won't get off thier ass, stop with the free fried chicken, and do for thierselves, just like I do.
You mean the parents ACTUALLY showed up for an open house? To be honest I'm surprised.
There was a PTA meeting. Free cookies and coffee. Seriously. Fucking catered.
As soon as I saw catered it all makes sense now.
When you consider the REAL unemployment rate, it's no wonder that there is more poverty...
http://www.shadowstats.com/alternate_data/unemployment-charts
Check out the chart in the above link
Change we can all believe in.
Get ready America,
Austerity and Poverty will teach you some facts of life...
What Killed The American Middle-Class?
=================================
Politicians that voted for NAFTA, GATT, WTO, Carribean Basin Initiative and all other out-sourcing incentives sponsored by American Government... In CBI, US Govt paid companies like Fruit Of The Loom $10,000 cash (your cash) for EVERY Job Relocated to selected Carribean nations.
WalMart killed the Mom&Pop merchants of smalltown America and other retailers/wholesalers.
Mortgagors who sold mortgage backed securities w/o taking enough effort to preserve their mortgagees title integrity Crashed The Realty Markets over the past 10 years, eliminating equity and value through their contemptful failure to spend a few bucks to properly conduct their transactions. American Middle and Lower Classes typically had largest percentage of their personal wealth invested in their homes...
Property taxes have not come down to recognize that property-owners do not have title integrity and thus cannot sell, thus do not own a property of the value appraised at. How much is a $500k home worth if you can't sell it, if value has dropped by 50% or more? This is the largest stake through the heart of America.
America has been BETRAYED Into Ruin by those entrusted to serve our society at every level. How have we not held politicians accountable for voting our money, factories, jobs, tax-base be decimated by sending our Wealth abroad to others not US citizens?
How have we allowed Government to fuck everything up so thoroughly and still conclude that it is just accidental happenstance?
The critical mass of economic collapse occurred around year 2000. The tipping point where the bottom can no longer support the elites will soon be reached. When elites can no longer make a buck of the sweat of labor and their indebtedness only two things remain for the elites to do:
1.) run away with their gold
2.) end game financial Ponzi, making money out of money. but what's the point when blasted Bernanke can just print more and it becomes a challenge to outrun money destruction
It's too bad when everyone thinks like a fool and can't understand that when once you can't hire someone to make a buck, the game is really over. Modern economics is a Ponzi scheme. Some unmentionable guy predicted this 150years ago and there is not a damn thing short of income and wealth distribution YOU can do.
Do you and Lester (poster above you) read the same economic theory books?
The emergency measures people took were going off the gold standard and ending the gold standard to try to get out of the depression. What we have right now is a world forcing them back on the gold standard when they want to adopt the IMF sdr. The only problem is they haven't kicked everybody's ass yet and can't adopt it until they've conquered everybody. It used to by syria libya iran north korea cuba. Now it's syria iran north kroea cuba, us citizens kicking their ass out, euro citizens kicking their ass out, china looking for exit door, russia going to do something but nobody knows what the fuck it is. Egypt gainning massive riot experience, south america gaining massive riot experience, africa finally got it's eyes open and not obeying any more. Iceland out of the loop.
It'll devolve into various state sponsered drug attacks on each other.
Biowarfare. Already in play, globally.
http://www.davesweb.cnchost.com/wtc6.html
How much is your work actually valued by TPTB?
Bah. If they want health coverage so badly, then they can just move to the socialist haven of Massachusetts!
Is it free there?
Sounds like some apologist reporter from CNN
http://harveyorgan.blogspot.com/
And this exerpt:
But even as consumers have become more debt-averse, they have plunged more into debt to pay for essentials. Indeed, credit card debt has been growing at an increasingly higher rate. The rate of increase for credit card debt has risen two-thirds compared to the same period last year, and it has increased 368 percent since two years ago.
What 'essentials' are these exactly?? You can save an extra $500 a month just by cancelling cable/satellite and doing without the smartphone with data package. Another $100 - $150 a month can be saved by forgoing a Starbucks latte
From 1968, the north face sale shop became known as north face brand from a little shop, at that tiem the north face sale store retails high-performance climbing and backpacking equipment.
Of course it comes from NPR or CNN. There is something called personal responsibility.
{{{And this past spring, almost 6 million young adults ages 25-34 were living with their parents — more than a million more than before the downturn began. The bureau says almost half of these young adults would be considered poor if their parents weren't supporting them. }}}
Well whose fault is that?? Poor planning & budgeting and accumulating five figures of credit card debt is the fault of the individual. what percentage of these 'young adults' that CNN & NPR love to write these bleeding heart articles for are paying $500 a month for 60-72 months ( or more ) for a new car and $130 a month for the iphone??
Here in the Boston area (actually most of Mass east of Worcester) most of these 'young people' are living great --- full college tuition paid for by mummy & daddy, summer on the cape, $250 a month for cabs (since the T stops running in Boston at 12:30am).. Rents everywhere in the state are at record highs while home prices are only very slightly lower than their 2007 peak
The economy of the greater Boston area is not feeling any of the effects of this downturn.
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