USuncutMN says: Tax the corporations! Tax the rich! Stop the cuts, fight for social justice for all. Standing in solidarity with http://www.usuncut.org/ and other Uncutters worldwide. FIGHT for a Foreclosure Moratorium! Foreclosure = homelessness. Resist the American Legislative Exchange Council, Grover Norquist and Citizen's United. #Austerity for the wheeler dealers, NOT the people.



We Are The 99% event

USuncutMN supports #occupyWallStreet, #occupyDC, the XL Pipeline resistance Yes, We, the People, are going to put democracy in all its forms up front and center. Open mic, diversity, nonviolent tactics .. Social media, economic democracy, repeal Citizen's United, single-payer healthcare, State Bank, Operation Feed the Homeless, anti-racism, homophobia, sexISM, war budgetting, lack of transparency, et al. Once we identify who we are and what we've lost, We can move forward.



Wednesday, September 14, 2011

Poverty Levels in 2010 Reach 52-Year Peak, U.S. Says


NYT - September 13, 2011 - SABRINA TAVERNISE
Poverty Levels in 2010 Reach 52-Year Peak, U.S. Says
WASHINGTON — Another 2.6 million people slipped into poverty in the United States last year, the Census Bureau reported Tuesday, and the number of Americans living below the official poverty line, 46.2 million people, was the highest number in the 52 years the bureau has been publishing figures on it.
And in new signs of distress among the middle class, median household incomes fell last year to levels last seen in 1997.
Economists seized on a telling statistic: It was the first time since the Great Depression that the median American household had a lower income, adjusted for inflation, than 13 years earlier, said Lawrence Katz, an economics professor at Harvard University.
“This is truly a lost decade,” Professor Katz said. “We think of America as a place where every generation is doing better, but we’re looking at a period when the median family is in worse shape than it was in the late 1990s.”
The bureau’s findings were worse than many economists expected, and brought into sharp relief the toll the past decade — including the sharp declines of the financial crisis and recession —had taken on Americans at the middle and lower parts of the income ladder.
The report comes as President Obama gears up to try to pass a jobs bill, and analysts said the bleak numbers could help him make his case for urgency. But they could also be used against him by Republican opponents seeking to highlight economic shortcomings on his watch as the election season gets under way.
“This is one more piece of bad news on the economy,” said Ron Haskins, a director of the Center on Children and Families at the Brookings Institution. “This will be another cross to bear by the administration.”
The past decade was also marked by a growing gap between the very top and very bottom of the income ladder. Median household income for the bottom tenth of the income spectrum fell by 12 percent from a peak in 1999, while the top 90th percentile dropped by just 1.5 percent.
The census report said that the percentage of Americans living below the poverty line last year, 15.1 percent, was the highest level since 1993 (the poverty line in 2010 for a family of four was $22,314).
And this year is not likely to be any better, economists said. Stimulus money has largely ended, and state and local governments have made deep cuts to staff and to budgets for social programs, both likely to move economically fragile families closer to poverty.
Minorities were hit hardest. Blacks experienced the highest poverty rate, at 27 percent, up from 25 percent in 2009, and Hispanics rose to 26 percent from 25 percent. For whites, 9.9 percent lived in poverty, up from 9.4 percent in 2009. Asians were unchanged at 12.1 percent. ...
See also:
http://economistsview.typepad.com/economistsview/2011/09/our-lost-decade.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+EconomistsView+(Economist's+View+(EconomistsView)) and the excellent commentary

Real corporate profits per employee doubled starting in 2000 and hasn't returned to the historical norm:

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