Stalin
Well-Known Member
- Joined
- Apr 4, 2008
- Messages
- 3,832
As Christmas approaches and the year comes to an end, Trump administration officials are pointing to headlines about GDP growth and a soaring stock market to support the president’s absurd claim that Americans are enjoying the “greatest economy in the history of our country.” Behind these figures lies a sharply “K‑shaped” social reality: spectacular gains in wealth and consumption for the affluent, while tens of millions of workers confront stagnant real wages, mounting debt, mass layoffs, evictions, utility shutoffs and preventable deaths.
The past year has, in fact, seen a further concentration of wealth to levels that are unprecedented in modern history. Over the past year, billionaires in the US, consisting of 900 individuals, increased their wealth by a staggering 18 percent, to a record $6.9 trillion this year. Ten individuals alone increased their wealth by $750 billion. No figure embodies this obscene spectacle more than Elon Musk, whose net worth surged by over $500 billion in just two years, to reach $749 billion—more than the GDP of entire countries.
At the other pole of society, a recent AP/NORC poll shows that most Americans are concerned about rising prices for groceries, electricity and holiday gifts, with nearly half delaying major or non-essential purchases and searching for the lowest prices. Many are also racking up debt through “buy now, pay later” apps such as Klarna, Affirm, Afterpay, PayPal, and Zip.
A Politico poll released in November found that more than a quarter of the population, 27 percent, said they had skipped a medical check-up due to cost, and nearly one in four reported skipping a prescribed medication for the same reason.
The Trump administration ended the year by giving those with student debt a “Christmas gift” in the form of ending the Saving on a Valuable Education (SAVE) student loan forgiveness program, which had reduced or eliminated payments for more than 7 million borrowers. Starting early next year, the government will resume aggressive collections and wage garnishments for those in default.
comrade stalin
moscow
The past year has, in fact, seen a further concentration of wealth to levels that are unprecedented in modern history. Over the past year, billionaires in the US, consisting of 900 individuals, increased their wealth by a staggering 18 percent, to a record $6.9 trillion this year. Ten individuals alone increased their wealth by $750 billion. No figure embodies this obscene spectacle more than Elon Musk, whose net worth surged by over $500 billion in just two years, to reach $749 billion—more than the GDP of entire countries.
At the other pole of society, a recent AP/NORC poll shows that most Americans are concerned about rising prices for groceries, electricity and holiday gifts, with nearly half delaying major or non-essential purchases and searching for the lowest prices. Many are also racking up debt through “buy now, pay later” apps such as Klarna, Affirm, Afterpay, PayPal, and Zip.
A Politico poll released in November found that more than a quarter of the population, 27 percent, said they had skipped a medical check-up due to cost, and nearly one in four reported skipping a prescribed medication for the same reason.
The Trump administration ended the year by giving those with student debt a “Christmas gift” in the form of ending the Saving on a Valuable Education (SAVE) student loan forgiveness program, which had reduced or eliminated payments for more than 7 million borrowers. Starting early next year, the government will resume aggressive collections and wage garnishments for those in default.
Christmas in America: Staggering wealth concentration and deepening social crisis
The immense social chasm in the US takes a particularly stark form in Detroit, whose supposed “revival” has been hailed by the media and business and political leaders.
www.wsws.org
comrade stalin
moscow
