Stalin
Well-Known Member
- Joined
- Apr 4, 2008
- Messages
- 1,810
According to figures published by the Social Security Administration on October 20, the median income for American workers in 2010 was $26,364, not much more than the official poverty level of $22,025 for a family of four. Given that a family making even twice the official poverty level faces real hardship and insecurity, it is no exaggeration to say that the SSA report shows that the “poor,” by any reasonable definition, constitute the absolute majority of the American people.
On the other side of the spectrum, a Congressional Budget Office study released October 25 shows that the richest 1 percent of US households saw a 275 percent increase in their income between 1979 and 2007 and more than doubled their share of the national income. While the income of this layer nearly tripled, the income of the middle 60 percent of the population rose only 40 percent over 28 years, and the income of the poorest 20 percent rose by only 18 percent.
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The unemployment rate for workers aged 55 or older has doubled since 2007, and the average period spent jobless has tripled. One third of employed workers 65 and older make less than $11 an hour, while the rates of poverty and food stamp dependence have increased sharply for this sector of the population.
The dollar amount of student loans taken out in 2010 topped $100 billion, the largest ever total for a single year, and total student loan debt has passed the $1 trillion mark in 2011, exceeding the total of credit card debt. Students are borrowing twice as much as they did only ten years ago to pay for their college education.
Geographical mobility in America has fallen to the lowest level reported since 1948, one reflection of the loss of opportunity particularly for the young. People cannot sell their homes or buy new ones, and the majority of young college graduates are being compelled to move back in with their parents because they cannot find work that pays enough to set up on their own.
The Gallup poll found that three times as many American workers are worried about being able to feed themselves or their families, 19 percent of the population, compared to only 6 percent of Chinese workers with similar concerns. Gallup’s measure of access to basic social necessities showed that American workers were finding it more and more difficult to obtain food, adequate shelter and decent medical care.
more at http://www.wsws.org/articles/2011/oct2011/pers-o31.shtml
http://www.wsws.org/articles/2011/oct2011/ineq-o29.shtml
http://www.wsws.org/articles/2011/oct2011/rich-o27.shtml
http://www.wsws.org/articles/2011/oct2011/ineq-o22.shtml
Comrade Stalin
On the other side of the spectrum, a Congressional Budget Office study released October 25 shows that the richest 1 percent of US households saw a 275 percent increase in their income between 1979 and 2007 and more than doubled their share of the national income. While the income of this layer nearly tripled, the income of the middle 60 percent of the population rose only 40 percent over 28 years, and the income of the poorest 20 percent rose by only 18 percent.
...
The unemployment rate for workers aged 55 or older has doubled since 2007, and the average period spent jobless has tripled. One third of employed workers 65 and older make less than $11 an hour, while the rates of poverty and food stamp dependence have increased sharply for this sector of the population.
The dollar amount of student loans taken out in 2010 topped $100 billion, the largest ever total for a single year, and total student loan debt has passed the $1 trillion mark in 2011, exceeding the total of credit card debt. Students are borrowing twice as much as they did only ten years ago to pay for their college education.
Geographical mobility in America has fallen to the lowest level reported since 1948, one reflection of the loss of opportunity particularly for the young. People cannot sell their homes or buy new ones, and the majority of young college graduates are being compelled to move back in with their parents because they cannot find work that pays enough to set up on their own.
The Gallup poll found that three times as many American workers are worried about being able to feed themselves or their families, 19 percent of the population, compared to only 6 percent of Chinese workers with similar concerns. Gallup’s measure of access to basic social necessities showed that American workers were finding it more and more difficult to obtain food, adequate shelter and decent medical care.
more at http://www.wsws.org/articles/2011/oct2011/pers-o31.shtml
http://www.wsws.org/articles/2011/oct2011/ineq-o29.shtml
http://www.wsws.org/articles/2011/oct2011/rich-o27.shtml
http://www.wsws.org/articles/2011/oct2011/ineq-o22.shtml
Comrade Stalin
