Income inequality is growing in the United States. Occupy Wall Street brought the income gap between the 99% and the 1% into the light and changed the conversation. Bill Moyers explores what happened in Silicon Valley where the homeless problem has grown 20% in the last two years and tent cities are common place among the million dollar mansions. Poverty shows no sign of abating despite the market thriving.
“A petty, narcissistic, pridefully ignorant politics has come to dominate and paralyze our government,” says Bill, “while millions of people keep falling through the gaping hole that has turned us into the United States of Inequality.”
Our growing income inequality causes 43% of the projected Social Security shortfall
by Gaius Publius, Americablog
Upward redistribution of income – what we’ve been calling the “looting of the economy” by the billionaire CEO class – is responsible for at least 43% of the projected Social Security shortfall for the next 75 years.
Let that sink in. This is yet another way that the looters want the victims to pay for their victimhood and hold the looters lossless. The CEO class has worked for three decades to create an economy where working people have a far less share of the economic growth than they used to have. One of the results of that inequity was an unexpected shortfall in the income collected by Social Security.
Think about it – everyone could see that the big demographic shift, the baby-boom generation, would show up on schedule. They could see that in the 1950s. But who knew 30 years ago (1983, if you’re not subtracting quickly), when the last Social Security adjustment occurred, that Reagan, Clinton, Bush and Obama would create a bipartisan consensus around handing all the fruits of productivity to the “rich and famous” set that you’re not a part of? That was not part of the calculation in those golden Reagan Days, and the Social Security Trust Fund has suffered ever since.
City Report Shows a Growing Number Are Near Poverty
by Sam Roberts
The rise in New York City’s poverty rate as a result of the recession has apparently eased, but not before pushing nearly half of the city’s population into the ranks of the poor or near-poor in 2011, according to an analysis by the Bloomberg administration.
That year, according to the city’s measure, about 46 percent of New Yorkers were making less than 150 percent of the poverty threshold, a benchmark used to describe people who are not officially poor but who still struggle to get by. That represents a rise of almost two percentage points since 2009, when the nation’s recession officially ended. [..]
Though more New Yorkers were working in 2011 than the year before, larger shares of children and working adults were classified as poor in 2011, and the proportions of Asians, noncitizens and Queens residents – overlapping groups – each rose by more than four percentage points since 2008.