Monday, July 29, 2013

Economic Recovery and Bright Future: What's That, Huh

Where you stand, depends on where you sit (politically-speaking)

A fair question to ask:  “What will the future bring?” What lies in this story may portend an answer to that question — link to story here: American dream? 80% will experience some economic hardship. 

Is there anyone out there who still thinks the 2008 near total economic meltdown coupled with the two massive “Bush-era” tax cuts for jobs (millions were moved off-shore instead), and two very costly wars (and no, Mr. Rumsfeld, Iraq DID NOT pay for them) wasn't damage enough. Then add to that mix a lot of GOP-Congressional gridlock, stalemate, and indecisiveness (driven by the shear hatred for Mr. Obama) and you get a futuristic glimpse of tomorrow; one that is ugly and depressing.

A new AP survey finds a deteriorating economy, growing economic inequality, and a disappearing American dream just as Mr. Obama looks to re-energize his economic agenda.

(P.S. The GOP will love this survey I assume – it gives them more ammo for their nearly-empty cannons).

Here are a couple of key points I take away: “Warning – They  Are Ugly May Disturb Some...” (a pun intended):

1. America’s wealth distribution looks like a lopsided ladder: The bottom 40% of the population owns just 0.3% of the nation’s wealth, while the top 20% has 84% of the nation’s wealth, according to a 2010 study on wealth distribution and balance.

2. According the latest Census, 46.2 million Americans15% of the countryare poor. 

The same AP/GFK survey notes that the Census figures are a snapshot — that is, they don’t account for (a) those who shift in and out of near-poverty, (b) welfare reliance, or (c) unemployment. When those numbers are accounted for, the number of Americans who face such hardships surges up to 79%.

3. The survey also found that the racial disparities in poverty are lessening: for the first time ever, the number of white, single moms living in poverty is equal to the number of impoverished black, single moms.

The full story can be read at the above link.

No comments: