HAIKU, MAUI AMERICAN AFFAIRS
History repeating itself: America today, Britain two centuries ago
Poverty Up in U.S., Again
Plutocracy flourishing in America: Poor get poorer, rich get richer
HAIKU, Maui, Sep 16 - The poverty rate in the United States rose to 14.3% in 2009, the highest since 1994, up from 13.2% in 2008, the Census Bureau reported today. A record 43.6 million Americans lived in poverty last year.
The Census also reported that the number of Americans without health insurance rose to 50.7 million from 46.3 million the year before. Private insurance covered 63.9% of people, the lowest level since comparable data collection started in 1987. The portion covered by employment-based insurance was 55.8%, also the lowest since 1987.
Ten percent of American children were uninsured in 2009.
The number of unemployed civilians rose to 14 million from 9 million, according to the Labor Department.
And how did the markets react so such gloomy news? They are up this morning, seemingly cheering the rise in poverty. Actually, Wall Street is happy the corporate downsizing is leading to increased productivity.
"Most of that growth in GDP has not been trickling down to the typical household," said Lawrence Katz, a Harvard University economist. "GDP largely showed up in profits, but didn’t show up in earnings of workers. Productivity went up, but those benefits didn’t translate into rapidly growing wages."
Sadly, no surprise there. The latest statistics merely add another data point to our poverty chart that started four decades ago. We live in a society where the rich are getting riche and the poor and getting poorer. America today is a classic model for plutocracy. Which is what we have been saying for over 15 years now.
Check out the sampling of this writer's Washington Times, Chronicles magazine, and other columns from the 1990s that forewarned about it:
So forewarned-forearmed? Only if we take timely action to protect our interests. Which would have meant stay away from stocks, high risk bonds, and too-good-to-be true loans. How many of us can truthfully say we followed such advice to the letter? Even this writer does not always eat his own dog food. But "if you don't succeed at first, try and try again," as they say.
Bob Djurdjevic is a writer and consultant based in Haiku (Maui), Hawaii. He is a free-thinking humanist. Which means he is neither Republican nor Democrat. You can find more of his research and columns at www.truthinmedia.org (geopolitical) and www.djurdjevic.com (business) and his personal web site www.yinyangbob.com.
Also check out... Ugly Face of Globalism (G20 meeting marred by violence: an inside job?), O Tempora O Mores... (Editorial comment on Obama's winning the Peace Farce); Demo Farce and the American Century, Nov 1996; When Will Wall Street Bubble Burst?, Aug 1998; etc.