America Is Being Made Poor - Part 2

The Site Has Been Proven Right By The Census Bureau

November 28. 2011 

Barack Obama

In the September 19, 2011 Judiciary Report article "America Is Being Made Poor" the website wrote about the fact many of the nation’s citizens have seen their personal net worth significantly decline. Two months later, on November 19, 2011, the U.S. Census Bureau released stats that confirm the Judiciary Report’s claim. See the article excerpt below for details.

Some living politicians, past and present, are pretending an increase in poverty does not exist in America, but many people have seen their assets decline. Many middle class and lower income people in America I know personally, while others I have read about, are in serious financial trouble, due to the economic crisis of 2008 that is still going on. People that had a home and two cars, have had to liquidate savings, IRAs, CDs (certificates of deposits), sell one of their cars, pawn jewelry and silver, just to get by during these tough economic times.

In the 27-years I have lived in America, I have never seen anything like it, especially the record number of foreclosures (well, that's what happens when people robo-sign documents and file them with the court). People are literally being made poor. This has occurred thanks to former President George W. Bush and current Commander-in-Chief, Barack Obama. 

This historic deterioration of wealth, has occurred under the failed stewardship of a few successive classes of Congress, whose approval ratings have hit single digits, signifying an all time low. Historically speaking, the only comparable financial equivalent would be the Great Depression in terms of foreclosures, bank closures and free food. Only, the iconic soup lines of the Great Depression have been replaced by record numbers of food stamps being issued to the public. The government can change course and save the country's economy, but they refuse to compromise. What a time for them to be fighting (sarcasm).

STORY SOURCE

Older, Suburban and Struggling, ‘Near Poor’ Startle the Census

Published: November 18, 2011 - ...When the Census Bureau this month released a new measure of poverty, meant to better count disposable income, it began altering the portrait of national need. Perhaps the most startling differences between the old measure and the new involves data the government has not yet published, showing 51 million people with incomes less than 50 percent above the poverty line. That number of Americans is 76 percent higher than the official account, published in September. All told, that places 100 million people — one in three Americans — either in poverty or in the fretful zone just above it.

After a lost decade of flat wages and the worst downturn since the Great Depression, the findings can be thought of as putting numbers to the bleak national mood — quantifying the expressions of unease erupting in protests and political swings. They convey levels of economic stress sharply felt but until now hard to measure. The Census Bureau, which published the poverty data two weeks ago, produced the analysis of those with somewhat higher income at the request of The New York Times. The size of the near-poor population took even the bureau’s number crunchers by surprise.

“These numbers are higher than we anticipated,” said Trudi J. Renwick, the bureau’s chief poverty statistician. “There are more people struggling than the official numbers show.”...

http://www.nytimes.com