The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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22 Facts That Prove That The Bottom 90 Percent Of America Is Systematically Getting Poorer

22 Facts That Prove That The Bottom 90 Percent Of America Is Systematically Getting Poorer - Photo by Joe MabelThe mainstream media is not telling you this, but the truth is that most Americans are steadily getting poorer.  The middle class is being absolutely eviscerated, and poverty is soaring to unprecedented heights.  The fact that 90 percent of the population is constantly sliding downhill is not good for our society.  The United States is supposed to be a land of opportunity with a vibrant free market system that enables average people to make better lives for themselves.  Unfortunately, free enterprise is being strangled to death in the United States today.  Entrepreneurs and small business are being pounded into oblivion by rules, regulations, red tape and oppressive levels of taxation.  At the same time, millions of jobs have been shipped out of the United States by corporate giants and sent to countries where it is legal to pay slave labor wages.  All of this has happened under both Democrats and Republicans.  Meanwhile, wealth and power continue to become even more heavily concentrated in the hands of big government and big corporations.  Our founding fathers warned that we should not allow such large concentrations of wealth and power, because they tend to funnel the rewards of society into the hands of a select few.  We need to change the rules of the game so that entrepreneurs, small businesses and average workers can thrive in this country once again.  If big government and big corporations continue to gobble up even more wealth and power, the wealth inequality that we see right now will only get even worse.

The following are 22 facts that prove that the bottom 90 percent of America is systematically getting poorer...

#1 According to the Pew Research Center, the top 7 percent of all U.S. households own 63 percent of all the wealth in the country.

#2 Between 2009 and 2011, the wealth of the bottom 93 percent of all Americans declined by 4 percent, while the wealth of the top 7 percent of all Americans increased by 28 percent.

#3 On average, households in the top 7 percent have 24 times as much wealth as households in the bottom 93 percent.

#4 In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

#5 According to the Economic Policy Institute, the wealthiest one percent of all American households have 288 times the amount of wealth that the average middle class American family does on average.

#6 According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

#7 The six heirs of Wal-Mart founder Sam Walton have as much wealth as the bottom one-third of all Americans combined.

#8 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

#9 In the United States today, corporate profits as a percentage of GDP are at an all-time high, but wages as a percentage of GDP are at an all-time low.

#10 In 1980, CEOs at S&P 500 companies made 42 times as much as their employees did on average.  Today, CEOs at S&P 500 companies make 354 times as much as their employees do on average.  In fact, there are many CEOs that make more than 1000 times what the average employees in their companies make.

#11 According to a report recently issued by the Pew Research Center, Americans over the age of 65 have 47 times as much wealth as Americans under the age of 35 on average.

#12 U.S. families that have a head of household that is under the age of 30 have a poverty rate of 37 percent.

#13 Back in 2007, about 28 percent of all working families were considered to be among "the working poor".  Today, that number is up to 32 percent even though our politicians tell us that the economy is supposedly recovering.

#14 At this point, one out of every four American workers has a job that pays $10 an hour or less.

#15 Today, the United States actually has a higher percentage of workers doing low wage work than any other major industrialized nation does.

#16 The U.S. economy continues to trade good paying jobs for low paying jobs.  60 percent of the jobs lost during the last recession were mid-wage jobs, but 58 percent of the jobs created since then have been low wage jobs.

#17 As I mentioned yesterday, the homeownership rate in America is now at its lowest level in nearly 18 years.

#18 The United States now ranks 93rd in the world in income inequality.

#19 Approximately one out of every five households in the United States is now on food stamps.

#20 The number of Americans on food stamps has grown from 17 million in the year 2000 to more than 47 million today.

#21 According to the U.S. Census Bureau, more than 146 million Americans are either "poor" or "low income".

#22 At this point, the poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.

Even if your income just stays the same, you are still getting poorer because inflation is a tax that is constantly chipping away at the value of every single dollar that you own.  The cost of everything that we buy on a regular basis (food, gas, health insurance, etc.) is constantly going up, and if your income is not keeping pace that means that you are getting poorer.

That is just one reason why the Federal Reserve system is so insidious.  They are killing the middle class with inflation.  For much more on the Federal Reserve and why it should be abolished, please see this article: "10 Things That Every American Should Know About The Federal Reserve".

So if most Americans are getting poorer, then why aren't our politicians doing something to fix it?

Well, the sad truth of the matter is that the big corporations fund the campaigns of our corrupt politicians.  They know that the candidate that raises the most money almost always wins, and so it provides an incentive for our politicians to be very good to those that have the money.

Plus, many of our politicians are way too busy having a good time to be bothered with doing anything for us.  Take Barack Obama for example.  According to The Telegraph, Barack Obama has spent twice as much time playing golf and vacationing as he has on attending economic meetings...

In an analysis of the presidential diary and newspaper reports, the Government Accountability Institute found that Mr Obama has spent 976 hours since his January 2009 election on holiday and playing golf.

In contrast, he has only spent 474.4 hours in economic meetings.

"As a government watchdog group, we just tabulate the numbers and let others decide how to interpret them," said Peter Schweizer, president of GAI, which compiled the report.

But this is a problem that is not going away.  The bottom 90 percent of the country is systematically getting poorer, and if this continues it will inevitably result in massive social problems.  The video posted below does a great job of graphically illustrating the crisis that we are facing...

Michael T Snyder

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  • MIke Jacobs

    Would I be considered a raving anti-Semite if I simply asked what portion of that 7% that own 63% of America are Jewish? If it were the Mormons or Mexican immigrants this would be a legitimate question asked by the American press, but look who owns the press.

    • Bad_Mr_Frosty

      Yes, saying anything even mildly unflattering about Jewish people makes you worse than Hitler, just ask the ADL. If you mention who owns the media and the banks, you are Satan himself.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      yes, you are a jew hater. but bad_ms_frosty is a shmuck and a jew hater, LMAO

      • Bad_Mr_Frosty

        Thank you for proving me correct!

        • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

          sure thing jew hater

    • Joe Friday…just the facts

      No you wouldn’t be considered a raving anit-Semite, but my reply to this statement is which portion of the Walton Clan is Jewish or did I get something wrong here? Or better yet, did I happen to see Bill Gates or Warren Buffet going to a Jewish temple recently? A comment like this, merely exposes a latent hostility to a particular group. Do Jews succeed in life in general, I guess you could say yes, but then again your decision to focus on a particular group is only relevant if they somehow obtained their wealth by illegal means. Other than Bernie Maddoff, are your suggesting that the rest of these people somehow connived their way to prosperity?

      • Bad_Mr_Frosty

        When 40%+ of the Forbes 400 list consists of a group that is 2% of the overall population. When 90% of the media is owned and run by 1 ethnic group. When this group is over-represented in ivy league schools by 2,000%+, you have to wonder. Is it hard work? or is it ethnocentrism?

        Yes, I am Hitler/Satan.

        • TX4Life

          Maybe their parents apply sufficient pressure to their children to work hard and succeed. Jews perhaps haven’t given in to the misguided concept that “success” and “prosperity” are dirty words and somehow shameful. Give it time though. The current administration is doing everything they can to demonize those who work hard to achieve so slowly but surely people are starting to buy into it hook, line, and sinker. The sooner everyone buys into it, the sooner we can all be equally poor!!! Equality through poverty.

        • DiscouragedOne

          The Jewish people I have known do an excellent job of parenting and making sure their kids get a good education, they also take care of their families and help each other out. I think both of those things are key to success.

    • ObamaJesus

      Can’t make one comment that contains the name of the group of people that makes the lives of the Palestinian’s miserable on a minute-by-minute basis without being considered a raving anti-semite. Pathetic.

    • sharonsj

      The press is owned by giant corporations, including Bain Capital (and Romney is still a Morman).

    • Australian Resident

      This is all because of how Jews only hire Jews. They basically created their own class of people who scam non-Jews and only give to their own community. That is why when you see movies that are directed by jews, they always jews play the main roles.

  • Tim

    “Even if your income just stays the same, you are still getting poorer because inflation is a tax that is constantly chipping away at the value of every single dollar that you own.”

    Yes, and we can’t even preserve our purchasing power with gold and silver. Look at how TPTB have actively suppressed the prices of gold and silver for the past two years. They will eliminate every last means that we have to protect ourselves from inflation. You better believe we’re getting poorer. And I’m afraid it’s going to get a lot worse for most of us.

    • http://www.facebook.com/marjanssen Martijn Janssen

      It’s only the paper price of gold and silver that’s being surpressed. Try buying any real gold and silver at the spot price.

      • DiscouragedOne

        IF you have money to buy it with.

  • Rodster

    If you think we are poor now just WAIT until Obamacare becomes law next year.

    • Tim

      Yeah, it certainly won’t help.

    • Eric Pearson

      AS GOD IS MY WITNESS. . . I will never comply with ObamaCare, including the so-called individual mandate requiring most Americans to obtain health insurance starting in 2014.

      Furthermore I will continually milk the health care system to the fullest of my ability under ObamaCare. I will not pay for anything while taking full advantage of using the system in acquiring every medical treatment and medication possible.

      • Ralfine

        Ahh, a true parasite, in his own words.

        • http://www.facebook.com/profile.php?id=100000633875894 Randy Townsend

          Ralfine: Who do you think is propping up the system now? Those mean, greedy, evil rich people are paying the taxes that fund the give away to everybody else. If/when those paying the bill either stop or refuse, what happens then? I don’t blame Eric AT ALL for what he proposes. Only when the system fails due to massive use by the population will the lie be exposed and clear to all those who believe what the government is telling us, (something for nothing, no increase in costs, and everybody gets taken care of. LIES).

          • Ralfine

            Those mean greedy guys do not pay tax. They send their money abroad, as some of them have declared on this board and milk the middle-class or lower class tax payer for every cent they can get.

            And if there is no money to get, they lobby the government to make more debts so they can get their garanteed payout.

            As long as this civil war between the parasites and the workers continues, and everybody is just doing revenge on THEM, you know, the other guy, the poor cleaning lady who was too stupid to learn acting or accounting or banking and now lives from handouts, or the bankster who earns millions and “pays all the taxes” but really just earns money and uses the law to pay zero taxes; you will need guns to reinforce that cold civil war with a hot civil war or riot from time to time.

            Is this really YOUR country, if you fight against it all the time?

          • http://www.facebook.com/profile.php?id=100000633875894 Randy Townsend

            If the rich don’t pay taxes, who does? There is no cure for intentional blindness, as you have demonstrated.

          • Ralfine

            The middle class? Sales tax?
            The money is squeezed out of the poor, that’s why they use credit cards to “pay” for food and even mortgages.

            And to pay the arms dealers the government takes out loans and promises to pay interest from future tax income.

            Why do you think you are in such a mess?

            Who is blind here?

          • Ralfine

            So you agree that welfare recipients should take as much money from the system as they can?

  • Rodster

    That video is quite shocking to say the least. The sad part is we are already there, which is why the system will and MUST COLLAPSE under it’s own weight.

    • Ralfine

      Yes, that’s why there is no need to fight the system, just help it along towards the abyss.

  • Stezie

    The fact is, Globalization has only benefited the very rich and has created a very tense global economy. That aside, the growing level of economic inequality we are witnessing in the US could cause some very serious problems down the road. It has been said that this type of inequality is the biggest killer of any civilized society. Likewise, the US seems to be pretty content with its current situation, but even that may fade.

    The US may not be number one with regards to the economy, education system. etc; but it is number one in other things: poverty ratio, obesity, crime, etc.

    • El Pollo de Oro

      I believe in American exceptionalism. I believe that The Banana Republic of America is exceptionally dysfunctional, exceptionally screwed up and exceptionally broken. Or, as Gerald Celente so eloquently put it:

      “American exceptionalism? Exceptional at what? Waging wars against innocent people for fake reasons? Exceptional at what? Being addicted to pharmaceutical drugs that have people’s minds wasted? Exceptional at what? Eating more junk food and becoming the most obese nation on Earth?”—Gerald Celente

    • 2Gary2

      you are 100% correct

      • DiscouragedOne

        And what are you doing to help the situation if you live off the government?

        Do you actually have a job?

        • 2Gary2

          I am not sure how your question relates to what the earlier post said but yes I do have a very good job.

          What I do to help is go out and actually protest with the OWS group. People on this site have seen the pictures. I take people to the polls to vote although both parties are pretty much the same so I may rethink that one.

    • AS55423

      We could be very close to some sort of revolution or social explosion in the next few years not decades or a hundred years but a few years. When people loose everything they loose it !!

    • peace angel

      The Us is number one for every physical or mental disease known to mankind. Our politicians have been poisoning our soil and water and food and paint and drywall and carpets and everything for decades. We have 55 of 110 nuclear power plants leaking radiation into our soil and factory farms are spreading poisons from coast to coast in the air. America is over.

  • energizedmortal

    The sooner the economic collapse occurs, the sooner we can get to war, recovery and reconstruction.

    • jaded

      no more to war.

      • texas fever

        exactly, do not feed the war machine. they’ll take you to war to get your mind of this terrible situation! and if YOU say YES to war YOU should go and fight, you and your family and every a$$hole who votes these politicians in!

      • DiscouragedOne

        I really hate to burst your bubble, but there is no utopia.

  • Robert

    I am doing OK, it is my children that are having a hard time. They are in they mid to late 20′s. My kids would love to find a job that paid $10 an hour. My son was in Australia making about 100K a year. He came home to the US and is now looking at working at Wal*Mart for $8 an hour. He and his wife are living with his in-laws until things get better. My eldest daughter a math major was making about $80k then things got bad and she had to move home, can’t find anything that will pay for the gas to get to work. My youngest daughter is working at Taco Bell making minimum wage no benefits and yes living at home. I have a Niece that is getting her Masters and maybe a PHD. She figures if she gets enough education she can get a self supporting job. My Nephew graduated college and is doing multiple minimum wage jobs and barley supporting himself. Something has to change. The lying politicians of both parties have no idea how bad it is or they don’t care.

    • Rodster

      Sadly the politicians don’t care.

      • Jodi

        Sadly the MSM don’t care either. The one’s that are suppose to hold the corrupt politicians accountable for their actions.

        • http://www.facebook.com/marjanssen Martijn Janssen

          The voters are the ones who should hold the politicians accountable but they are lied to by the main stream media, made dumber by the education system and thus are made to believe the politicians’ false promises.

    • anon

      Australia’s economy is doing way better than the US. My sister lives there and said there’s plenty of jobs there if you want to work. Living expenses are high but pay is higher too.

      • Keywee

        Australia is sinking also, maybe not as quickly as the US but it’s sinking. Traditionally, Keywees have traveled to Australia for the employment opportunities. More and more stories come out every day of Keywees coming back home because the Australian economy isn’t doing as well as Julia would have us believe, jobs are disappearing quickly.

    • Ralfine

      Why didn’t your son stay in Australia?

    • markthetruth

      Maybe their going at it the wrong way, they should be Millionaires ! they say it’s easy you just have to read, they tell you How.

      How to Become a Millionaire Fast.
      Be a Millionaire without trying.
      6 ways to Become a Millionaire.
      Homeless to Millionaire.
      How to become a millionaire in 3 easy steps.
      How To Become A Millionaire For Dummies.

      WoW ! Its so easy We all can be Millionaires on our way to

      Billionaires !!!

      the end.

      • http://www.facebook.com/marjanssen Martijn Janssen

        Billionaires in the Weimar Germany/Zimbabwe style.

    • WarriorClass III

      Apparently, the IRS, yes, the same IRS that hounds middle-income Americans constantly, is giving away more than four billion dollars in tax refunds to illegal aliens who file for additional child tax credits!

      The word has spread like wildfire in the illegal alien community and, in just a few years, the amount of tax refunds to illegal aliens has more than doubled. The average payment to an illegal aliens family is between $15 and $20,000.

      USBC org

    • Mustard Seed

      We were once somewhere in the middle class, but like the video in this article indicates, we are getting poorer. We are also concerned about the future of our children.

      Until the people of this country figure out how to stop feeding the corporate takeover, the enslavement of our children will continue. That means we have to stop electing politicians who serve the corporations, we have to stop sending our kids to schools that indoctrinate them into corporate slavery, and we have to teach them how to live without corporate made products. The last one is probably the most difficult one, because of autos, appliances, and pharma.

      Think about it though. What would the world be like without corporate food and the myriad of little things Walmart sells? How many more local businesses would exist? Would we have GMO and chemicals in everything? Would there be so many starving people if we didn’t waste resources making fast food? Would we even have megacities? Do we have to have all of the computers running everything?

      I know it wouldn’t be Utopia, but I could definitely envision a much different kind of world that isn’t controlled by mega corporations.

    • http://www.facebook.com/elizabeth.madson Madson Elizabeth

      So sad as mothers we always said to our children stay in school further your education so you can get a good job and take care of yourself and have a home of your own.Now this younger generation are jobless, living at home and paying off enormous student debt. So sad

      • DiscouragedOne

        Because the crummy school systems didn’t emphasize math and science so they could get the kind of education that would get them a job…if you hold that type of degree you can get a good job.

    • 12111

      Why should they worry as the taxpayers eat the costs of their childrens education at the best colleges. we are beinf suckered at every turn.

    • Louise in MO

      I sincerely hope that things change soon for your family, Robert. I have a granddaughter that is going through similar circumstances. Things don’t look good for her either.

      It’s admirable that you are helping your family, and I applaud you for doing so.

    • DiscouragedOne

      A lot of these kids got bad or no advice and hold degrees that will never help them get a job.

  • K

    Ok, in short the Government of the U.S. is bought and paid for,true.The citizens of the U.S. are too stupid, to take their voting obligation seriously, true. So as a result the same corrupt politicians keep getting returned to office. A Republic assumes, the people will act in the best interests of their Country. When 80% or more of the people in this Country, do not even know what is going on. They can not possibly act, in the best interests of their Country. Therefore the Republic known, as the United States of America, is dead. Replaced by the Fascist States of America. God help us all.

    • energizedmortal

      Human nature is frightening. How will we defeat tyrants
      that drop plutonium from jet fighters 30,000 feet in the air? What if, it is no longer about countries and their citizens but more about global elites creating a world of master and servant? Its not a long shot since the USA was sold out a long time. The economy is crap, there will be war, the world will change for better or for worse. There will be two categories. The ones that do the F ing and the ones that get F ed.

      • K

        How do you defeat a Tyrant? It starts with one simple word, NO. And then you keep saying no. And if you have to back up that no with your life, than so be it. Better to die on your feet, than live on your knees.

        • Ralfine

          No.
          If you say NO, you have the police in your neck very quickly.

          You say YES but do NOthing.

          That’s how all the socialist countries collapsed.

          Just think about it. So many governments toppled without a war. Just by being passive.

          Think: MOLASSES

          • K

            I understand your method. From my standpoint, it takes too long. Millions of people suffered and died, while that molasses slowly flowed.

          • Ralfine

            From my perspective it is shortcuts that are expensive and take longer.

            And the molasses is there to have your enemy to get stuck in.

            If you get the chance watch some war movies from Germany in Russia. Watch the tanks and artillery getting stuck in the mud.

            Hard targets are easy to attack. With mud and molasses it is more difficult. It is all around you but you still can’t grasp it.

    • Rodster

      42% of all Americans don’t even know that Obamacare is LAW.

    • RICHARD

      It doesn’t matter what the people do, this country is bought and paid for by the elite. You are right we are a fascist state.

  • markthetruth

    Ever Wonder ? When watching a old Game Show and you Look at the Audience and Laugh at How they look , the Hairdo’s and Clothing and wonder what the Future will look like and How they”ll be watching thlaughing at us.

    the end…

    • AS55423

      We have front row seats for this theatre of mass destruction.We were raised on television to believe that we’d all be millionares, movie gods, rock stars, but we won’t. And we’re starting to figure that out.

      • markthetruth

        Not only that you have Dumb article’s Written on

        How to Become a Millionaire Fast.
        Be a Millionaire without trying.
        6 ways to Become a Millionaire.
        Homeless to Millionaire.
        How to become a millionaire in 3 easy steps.
        How To Become A Millionaire For Dummies.

        WoW ! Its so easy We all can be Millionaires on our way to

        Billionaires !!!

        the end.

  • markthetruth

    At this point where Lucky the Sun Rises when and if We wake up.

    the end….

  • El Pollo de Oro

    The Pollyannas of the world will read this commentary, stick their fingers in their ears, stick out their tongues and say, “Neh neh neh neh neh. I don’t care about your facts and figures. Everyone in my luxury high-rise condo in Rittenhouse Square (or Manhattan’s Upper West Side, or Santa Monica, or on Lake Shore Drive in Chicago) is doing great. How can you say the economy’s in trouble?” But those Pollyannas will get a brutal dose of reality when The Desperate People Doing Desperate Things Tax rears its not-so-pretty little head and they get a nasty taste of Third World crime. Pollyannas mock preppers at their own peril.

    “The American labor force has, in effect, been turned into a Third World labor force, where the only jobs available are in lowly paid domestic services.” —Dr. Paul Craig Roberts

    “America seems to be mimicking pretty closely Angentina during their collapse.”—Max Keiser

    “The banksters are going to take our bank accounts here in the United States. That’s what Homeland Security is for. That’s what the drones and checkpoints are for.”—Alex Jones

  • markthetruth

    WalMart will run the United States , little by little they will be the provider of all.

    the end…

    • Jeremy

      Walmart reminds me of Carl’s Jr on the movie “Idiocracy”.

  • Katbalou

    Thank you, Michael, for the video accompanying your (as per usual) excellent article. The graphs in the video enabled me to visualize the tremendous wealth disparity I have been reading about. Sheesh! And here I thought I was the only small business person working harder but feeling poorer with each passing day. I apparently have a LOT of company, I am sorry to say. Thanks again.

  • Jagrick

    Taylor Swift just spent over 17 million on a home and paid in cash. How does one justify that? There are so many struggling and very bad off. I understand she supposedly earned it and is hers but it just doesn’t seem right to spend that kind of money when so many are so bad off.

    • glamandvampallround

      I myself have given up on idolizing the lives and times of celebrities…..It’s what little I can do about this insanity.

    • TX4Life

      At least she didn’t steal it. It was willingly given to her. It would be interesting to know how much she gives to charity though.

    • DiscouragedOne

      Which is why Americans should stop idolizing and enriching these people.

  • 2Gary2

    Quote of the Week

    “We used to be a country
    with a rich heart. Now we’re the land of the heartless rich.”

    Pam Martens,
    Koch Brothers’ Wealth Grew By $33 Billion . . . as
    America’s Schools Report 1 Million Homeless Kids, Wall Street on Parade,
    April 24, 2013

    • AS55423

      GE and facebook paid no taxes so what’s the point you don’t like the Reps news flash neither party cares about any of us.

  • 2Gary2

    Tax the rich hard and corporations harder and spread the wealth. The rich will never willingly give up their privilege so it will need to be taken from them, probably violently.

    • glamandvampallround

      You know I used to believe this myself, and I can see why people would think this way BUT (and please understand I am not a conservative attacking you here) like I just posted, if I am thinking of offshoring myself – leaving the US – what’s to stop those with money from doing the same to go somewhere taxes are lower? in theory I agree with you but in reality, what’s to stop a mass exodus to Singapore or wherever the wealthy go to ditch taxes?

      • 2Gary2

        IRS with the help of the US Government. Look at how the Government forced so many of the hidden Swiss bank accounts to come clean

        • DiscouragedOne

          Companies can legally leave here and legally do business elsewhere and our government can’t do squat about that.

          • 2Gary2

            not true–the gov could impose stiff tariffs etc. The correct thing to say is that the gov chooses to not do squat about it.

      • Ralfine

        Yes, you need to change the tax law first.
        In China you need to pay income tax on every money you pay abroad for services (foreign companies tried to circumvent the profits tax by “buying services” from their parent company and disguise their profits as costs). Then, companies tried to get a loan from their parent company, and disguise the profit transferred abroad as interest payment, then China stipulated that to give a loan within China, you need to get registered and licensed as a bank.

        And before you transfer money abroad, you need to prove that you paid proper tax for it.

        But still, companies hire “mules” from the Philippino and Indonesian housekeepers in Hong Kong, to carry luggages full of cash over the border, which they then accumulate in the banks in Hong Kong to reinvest into China as “foreign direct investment”, to get preferential tax treatment.

        For purely financial transactions the EU wants to introduce the Tobin tax of 0.05%. Which translates to 5 dollar for every 10,000 Dollar. hardly leading to bancruptcy. Not surprisingly, the banksters in the City of London are opposed to it.

        • DiscouragedOne

          They don’t even attempt to do anything about the American tax mess, and Obamacare will make it a whole LOT worse.

      • http://www.facebook.com/elizabeth.madson Madson Elizabeth

        There is no one answer. You cant just run away.There will be a new set of problems where ever one goes and it could be worse.The system will collapse, but the USA will not be alone in this , it will be a domino effect.This has been coming for decades and will continue .People can rise up against their government, but not without sacrifice. This has been done as history has proved that.We all have lousy dictators who could care less about the people and give false hope.The reality is the government cant fix it, so they will steal, manipulate, lie, and go to war.

      • El Pollo de Oro

        Sometimes, rich corporatists will leave the BRA and move to Third World countries to escape taxation and regulation. But if they move to a country that has The Desperate People Doing Desperate Things Tax (DPDDTT), they wind up spending a lot of money on bodyguards in order to avoid kidnappers, violent home invaders and other DPDDTT collectors. There are some extremely wealthy businesspeople in Honduras, Peru, Colombia and Brazil, and they need a lot of private security if they want to avoid the dreaded DPDDTT.

        • DiscouragedOne

          Or they can move to other countries where it is more stable.

          They certainly do not have to stay here, and I think it would do us all well to remember that.

          I work as a temp and I hate that, yet I make good money and I am happy my job is HERE in the USA.

          Thankless people who want hand-outs will be the death of this country, they already are.

      • DiscouragedOne

        You are correct, Gary lives in la la land. I am not wealthy, but I am smart enough to know where my paycheck comes from.

  • glamandvampallround

    I am chilled by this, I really am. This is not the same America I grew up in or went to college in. I am 46 now and I don’t even recognize this country any more. I don’t have all the answers if any even – it is only recently that I stopped reading mags and watching DWTS and dropped the makeup and did some serious thinking of what is going on around me. And one thing I have come up with is this…..

    If good paying jobs can be offshored, why can’t we offshore our medical, dental, and maybe even ourselves? What exactly ties us to the United States of American anyway, when you get right down to it. And the more I research and chat with others and think, the more I do believe that the US and the Western way of living is not going to last much longer….we are just arranging deck chairs of the Titanic now.

    • saintmatty

      What is this obsession with make-up of yours? Please explain.

      • glamandvampallround

        Ok, but remember you asked for it…..When I was younger I was very good looking and without going into detail I will say there is a part of me that misses this….the attention, the favors, what I was able to get out of it. I am not young any more and can’t work it like I once did – and don’t want to since I am not that woman any more – but it became a habit, to look as best I can for my age. I recently gave it up to save money but old habits die hard, I still talk about it.

        • http://www.facebook.com/elizabeth.madson Madson Elizabeth

          Honest, I like that.

          • glamandvampallround

            Thank you.

          • peace angel

            Might want to change that “handle” just sayin’.

        • saintmatty

          Thanks for sharing. I was just interested in knowing. I can tell that you gave an honest reason. I did some things like that myself, although I am not female, but similar to gain attention from others.

        • peace angel

          I am 61 and my mom told me when I was young that makeup all makeup takes the natural color from your face. She was soooo right. I have never worn any other than lip gloss and mascara and I look the same with make up as without and ppl tell me all the time that I look 15 years younger than I am. So maybe without it you will start to look younger as you age because you aren’t putting poisons in your skin.

    • DiscouragedOne

      I work with a lot of Asians, and many of them travel back home for surgery, they don’t do it here.

  • RICHARD

    Is that your rental house Michael ??

  • markthetruth

    Anyone else notice the Image in the 2nd Floor window of that House.

    the end…

    • 2Gary2

      isn’t that Michael in the window?

      • markthetruth

        It looks like his mustache/goatee , kind of dark though.

        the end…

  • K

    Hate to tell you. The Chinese were hacking into nuke sites last year. Notice how everything they are hacking into, involves the power grid. In a war, crashing the power grid, would be a good opening move.

    • Orange Jean

      gaaa…. I kind of wish you didn’t tell me that!

      You are quite right though about the effect of crashing the power grid (and in some places, I assume they are still using hydropower).

  • http://karmaeconomics.blogspot.com/ lavista4u

    I’m from a third world country, believe me when I say this, we don’t have it so bad.

    Ok, We do have our share of corrupt government, broken dreams and poverty BUT it doesn’t go beyond that. Meaning?

    1. We are not forced into GM food and all the chemical laden packaged food industry in America. We still do eat natural food even with low income.

    2. I’m shocked that even water has become a commodity in America and Europe, while we have free water on streets by charity organization on a hot summer where people can just go and drink water for free.

    3. Our medical facilities may not be world class but it does work and they fix you up, you certainly won’t go bankrupt when you enter a hospital without insurance. Their are free hospitals and private care where you can go depending on your income level.

    4. Being poor does not equate to crime and broken relationships. We have a close knit family, who take care of each other when you are down.

    5. To compare with America. I have not seen chem trail over here, excessive police brutality, government control, violence on a daily basis. We do have violence and government BS, but it happens few times a year not like in your face as its happening in America everyday now.

    6. You get angry, You get depressed, You have emotional swings now and then, we do too..but it does not give the Pharma industry and Main stream propaganda to license all of us as crazies. People here do not take meds for emotions.
    America is forced to be way too over medicated in this regard.

    ———————-

    Ok. I’m an avg, guy with a college education. What shocks me is that so many talented Americans are going jobless and living in poverty. You guys really are selling yourself low in America. With your talent if you go out of America, you will be a king in your profession, Americans are very talented its just the lack of opportunity that is bringing them down.

    Now is the opportunity for Americans to spread their wings and go to different parts of the planet to prove their worth. You don’t have to put up with any of this BS from government. I’m from Asia(India) but living in Philippines, traveled all over the world with so called third world income with an avg. intelligence and a college degree.

    You guys are way more talented, You guys need to trust in your ability. God, I cannot stress this enough. You guys are selling yourself short in America and taking all government BS.

    Fly away to freedom guys…You deserve it…

    • glamandvampallround

      Bless you for this comment…..I really mean that. I think you may be on to something if not dead on – what is there really keeping us in America anymore, anyway? What is the point/purpose of staying here now?

    • AJBaker

      Great comment! As the son of an American who left decades ago, let me give everyone thinking of leaving a word of warning though: if you truly want to leave America, you also have to renounce your citizenship. I only ever visited the US as a child, and I don’t own anything there. Nevertheless, I’m considered a US tax subject because I still have the passport I got through my father.
      If you move abroad, you still have to keep filling with the IRS, and you have to tell the Treasury about your accounts. Certain exemptions and tax treaties help, but you’re still subject to the tax law of two different nations, and depending on where you go, you could still end up owing money to Uncle Sam (phantom gains through currency fluctuations is another fun bit).
      Just deciding to disappear is also becoming more difficult, as the US has blackmailed the world’s banks into reporting every single American citizen in the world so that the IRS can be sure it taxes everyone it can (FATCA). This is also the reason you’ll have trouble getting a bank account if you’re American.

      • Ralfine

        Yes, but you can become a Chinese citizen. You wouldn’t be the first one.

        • AJBaker

          :-) !
          Naw… I already have a different European passport from birth (I was born outside the US and have never lived there). But to give up the American passport you first have to satisfy the IRS….

          • Ralfine

            That should be easy, if you have a bank account that ALWAYS, or at least in the last 10 years had very little money.

            I never declare any cash income to anyone. You know, the 3 dollar from grandma for christmas. Or the 10 cents found on the street.

    • Ralfine

      Yes, if you seek freedom, don’t go to America.

    • gene defcon

      great comment. thank you. take care.

    • peace angel

      I just read that approximately 2 million baby boomers are leaving the US for good each year. I am one who plans to do so as well. I have moved all over the US pursuing opportunity and have always wondered why so many americans are content to sit home in areas where there are not and have not been jobs for many decades and live off their parents or welfare rather than MOVE and get a good job, which was once possible in the US and is no longer. America is being taken down because of the creation of the New World Order. Bush Sr, signed Agenda 21 in 92 agreeing on behalf of the US to depopulated the world by 90% and to create the NWO. It is in full swing in the US and I try to tell 5 ppl. every day that America is over and that no politician will come to save them. It not on the agenda and never will be. Halliburton has built 800 Fema concentration camps to herd all americans into and when I tell ppl this and they can see them online they think I am crazy. America is an ostrich nation and I believe 99% will stay until the feds come to haul them off. I am 61 and single and moving to a foreign country is scary but I am determined not to be sitting on my front porch when they come to take us all away. I wish I could say as much for my neighbors. Obama has completely overturned our constitution with the NDAA act of 2011 and here and on many sights you see lots of ppl who believe they can rely on it and it is gone and you see tons of ppl who believe our politicians are stupid when they ALL know just what they are doing and are crashing America on purpose and most will live out their days in concentration camps for that thinking.

    • Jeremy

      Left one year ago. I live in China and love it. Found the love of my life, started my career and make good money.

      No opportunity in America, and I always wanted to live in another country. If you have the courage, you should move elsewhere.

    • Tardis1

      Which 3rd world county are you from?

    • DiscouragedOne

      We need to learn other languages if we really want to be successful at that.

  • P31

    Regarding the video-the bottom people are on benefits. They CAN’T store wealth. They will lose their benefits.

    • condaggitt

      Exactly you cant have too much cash or assets…THAT CAN BE TRACED…..so Iphones Ipads computers compact discs are not counted as assets even gold silver coins….

  • Richard

    Michael, your prose has improved enormously since I started following your work. (For example, you’ve dropped the repeated adjectives and emotional heart-string tuggers!).

    Now if you could eliminate the “unfortunately” and “sadly” and “the truth (of the matter) is”… you would do us all a favor. OBVIOUSLY these things are “unfortunate” or “sad”. You don’t need to give us a cue like on the TV shows where the light comes on when it’s time to clap, saying “APPLAUSE”.

    And as far as “the truth is that…” is concerned, are we to take it that when you don’t preface your comments with “the truth [of the matter] is…”, it’s all lies? (Obviously I’m being facetious here, but I’m just trying to make a point).

    Oh, and “If you can believe it,….” can go, too. The implication is that if we CAN’T believe it, the issue is question is not a fact. Lose it!

    Otherwise, well done. You’re doing a great job…

  • Ralfine

    Since taxing the rich is definitely the wrong way, you can only tax the poor.

    • DiscouragedOne

      If you let everybody make money without excessive government controls, then everybody has money.

      • Ralfine

        Yes, if everybody only thinks about himself, then everybody is looked after.

  • Ralfine

    Just watch all the rich people fighting for YOUR RIGHT to make them rich.

    It is your right to buy
    - guns and ammo;
    - cars and fuel;
    - drugs, cigarettes, alcohol;
    - movies, music;
    - news, magazines, trivia;
    - bungee jumps, adrenalin rush sports and related equipment;
    - Ritalin, OTC drugs, prescription drugs;

    And all these perishable goods need to be replaced again and again, draining your wallet and making other people rich.
    And don’t forget the government and civil servants who earn tax with each transaction.

    Anyone messing with your right to make rich people richer is declared satan.

    • DiscouragedOne

      Freedom is being able to buy want you want, not government control.

      • Ralfine

        But many people can’t buy what they want? They are so poor they can’t even buy the cheapest junk food.

  • smallergovnow

    You nailed it Michael in this brief statement….

    “The United States is supposed to be a land of opportunity with a vibrant free market system that enables average people to make better lives for themselves. Unfortunately, free enterprise is being strangled to death in the United States today. Entrepreneurs and small business are being pounded into oblivion by rules, regulations, red tape and oppressive levels of taxation. At the same time, millions of jobs have been shipped out of the United States by corporate giants and sent to countries where it is legal to pay slave labor wages. All of this has happened under both Democrats and Republicans. Meanwhile, wealth and power continue to become even more heavily concentrated in the hands of big government and big corporations.”
    Says it all. If they would address these issues we could get back to business and thrive. But they won’t…

  • Jodi

    It’s true, people are getting poorer. Even in my own life things have changed. When I lost my good job a couple of years ago, I knew that I would never make as much money as I was. It took over a year to find a job & I had to take a $5.00 pay cut & working 30 hrs a week. I do feel grateful to have a job but it’s very difficult to find a good paying job these days. You’ve got to find ways to cut your budget to make it work.

  • Paul

    For quite awhile I have been asking myself the question: Why? For what? This administration is pumping out regulations by the millions of pages. These are not regulations to help us, these are regulations that destroy any left standing bastions of Corporate America. It is because of the them that companies leave. It is because of them that doors are closing daily on large, medium and small businesses. For months I hear all the back and forth about Obama care and how painful it is going to be and on and on and I look at these decisions and I question why? It doesn’t make any sense. It isn’t about health care at all, it is about two things: 1. Control 2: Destruction of any remaining strong holds of corporate America whereas companies will surely cut back drastically and some will shudder their doors because of this. Regal Cinemas announced today they would cut hours to 30 and under. Who does this hurt? The people who need the job to be 40 hours. In the end the Government will turn on these corporations and say, “See, it was your greed that did this” and thus will give them the ammunition to raise taxes on the them.

    Look at this high speed rail being built in California. People are saying why? This is stupid, there are so many other things to spend our money on. It isn’t they want to build it, they simply want to approve it so they can get the Federal Government to give them the 1B dollars. They have no intention of spending that money on it. It is all smoke and mirrors and the kicker in all this is this huge Ponzi scheme the government is running. Senator Feinstein’s husband owns Blum Capital which owns Perini-Zachary-Parsons which was the recipient of this money. Just when I thought the government couldn’t possibly any more corrupt you get this. Out of the 5 bidders they were supposedly the lowest. Their bid equates to 33M per mile of this high speed rail. Are you kidding me???

    With this type of corruption is their any hope? NO! All republics fail because of greed. Michael has been writing about this for years. Sell your gold it is worthless but don’t look while I buy it from you. Approve the stimulus Buffet told congress while in the meantime many members of congress made out like bandits on the stimulus because of insider trading. From Solyndra to this High speed rail it is all about government greed and them stealing the wealth from the companies that give us all jobs or used to give us all jobs. It is all about class warfare isn’t it? It is the CEOs that are robbing you. It is the Corporations not willing to pay you a fair wage because of their greed. We are here to help you, the little guy. Why is it that we have Billions if not Trillions on the poor and social programs etc but there are more poor than ever before? If you really break it down the full use of social security will only benefit 1 generation? I am 47 and I doubt I ever see a dime.

    Utopia is the end game but unfortunately it does not exist. This is all going to end very badly.

    • Gay Veteran

      who do you think Obama (and the rest of the Democrats AND Republicans) work for?
      Banksters, Military-Industrial Complex, Prision-Industrial Complex, Big Pharma, Big Ag, etc.

      • DiscouragedOne

        Which is why people should be as self-sufficient as they possibly can and not depend on the government which does not have their best interests in mind, but just sees them as useless idiots.

    • DiscouragedOne

      EXCELLENT post, the government is working against the American people, not for them.

  • Tardis1

    The article is poorly thought out. Many of the facts do not support that the poor are getting poorer. For example, #1 says that the top 7% have 63% of the wealth. There is no indication of how much that has changed, so it doesn’t support the premise.

    • Gay Veteran

      hey Tardis, maybe you should write your own blog

      • Tardis1

        You should too. Your reply had no real content (for example, why should I write my own blog), just like the article!

        • Gay Veteran

          I wasn’t being a critic of the article. You were.

          • Tardis1

            Is the comments section reserved only for praise of the article?

    • DiscouragedOne

      I have to agree more information is necessary.

  • Tardis1

    “#11 According to a report recently issued by the Pew Research Center, Americans over the age of 65 have 47 times as much wealth as Americans under the age of 35 on average.” ——-
    It is not surprising that people who have been working their whole lives have more wealth than people who are starting out and have children and mortgages. What would an acceptable multiple of wealth for those over 65 to those under 35 be?

  • Tardis1

    Most of the facts are just big numbers with little context.

    • SHeadius

      “In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.”

      You can’t reason in your mind any “context” in a statement like that? it doesn’t take much thought, I’m thinking something along the 6th grade level.

      • Tardis1

        Your quote is a great example of a stat with no context. The 6th grade reasoning would be to just accept that since 90% is a big number, it must be a bad thing. Why is the wealthiest 1% having a greater net worth than the bottom 90% necessarily a bad thing? What would a more appropriate percentage be? 80%? 50%? 1%?

    • SHeadius

      Here, have some more “context” to baffle your mind:

      “According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.”

      Remember now, THINK.

      • Tardis1

        No context. WHY is that a bad thing? What should the distribution be instead? Just because Bill Gates and Warren Buffett have a lot of money does not make me worse off.

  • ConcernedAmerican

    Excellent article! Thank you for shedding light on this.

  • Guest

    I am 26 years old and living in a small basement. I don’t own a car. I walk 22-25 miles per week. I spend $5.00 per day on food. Just finished up my Masters degree a year ago… been working at Chick-fil-a (min wage) just to live and pay all of my student loans. I’ve done so many applications I fear we will run out of trees for the amount of paper I have gone through… anddddd you wonder why suicide rates have gone up? I know I am not the only 25-35 year old cynic out that know this ain’t getting better…

    • Orange Jean

      It may seem demoralizing now… but I had to go through similar (only I also had a child to support) back when I graduated with an M.S. back in 1986. Eventually I got a job, eventually got a better job… and eventually the time and effort I put into getting better training and skills for what I wanted to do in life paid off. I know several other people who also had to go through a period of under-employment following getting a graduate degree… (same degree as mine, one friend started out as a “burger flipper” for a few years)… but they also eventually got what they wanted; a job in their field.

      Persistence is the key; do not give up!!

      Unfortunately, I think young people today have been “trained” (by parents, teachers, and peers) to expect they will be able to do what ever they want and are expecting “instant” everything. A lot of the young people I know assume they will get some high paying high responsibility job immediately out of school, with no experience (i.e., be made “director” of something within a year). That is not realistic, nor at any point in time.

      Also it does not hurt to learn to be patient… in fact if you ever become a parent you’ll find that learning patience is one of the best things you can bring to the parenting experience, because raising kids well requires considerable patience.

      If you feel you cannot pay your student loans until you get a better paying job, you might want to consider asking for a forbearance agreement (they let you postpone paying back loans due to financial hardship, albeit it will cost you extra interest and take longer – it took me a full 13 years to pay mine off).

      Good luck but like I said… persistence pays off!

      • DiscouragedOne

        These days, it depends on the degrees you hold, I don’t know anybody with in-demand degrees who could not find a job, but I know plenty the other way around. A masters does little good if it is not in a field that has jobs.

    • DiscouragedOne

      What degrees do you hold and what area of the country do you live in?

  • Jeremy

    Great post and story.

    • El Pollo de Oro

      Jeremy: Gracias! Although my story is fictional, that’s exactly the type of thing that happens with the race to the bottom that is globalism. Any globalists who want to move to Guatemala or Honduras so they can pay slave wages are going to get a rude awakening when they get a taste of the DPDDTT and take a ride on the secuestro express.

      • DiscouragedOne

        But what will they do if it comes to the USA because of them?

  • DiscouragedOne

    “#7 The six heirs of Wal-Mart founder Sam Walton have as much wealth as the bottom one-third of all Americans combined.”

    And the bottom 1/3 made them that way.

  • DiscouragedOne

    What is your solution?

    • http://plus.google.com/u/0/111051039748078110427/about novenator

      Level the playing field. Jack up the top marginal tax rate back to 90% to pay for Green Energy, infrastructure, public transport, and other programs (read: jobs). Raise effective rates for big corporations to give more breaks to small, locally owned businesses.
      Kill any public funding of private schools, and ensure that ALL kids have the chance to get a quality education. Etc.

  • DiscouragedOne

    I am an Independent Moderate and do not subscribe to Socialist policies, but greedy CEOs deserve everything bad that happens to them, I would not shed a tear if this story happened in real life, it is called karma.

  • DiscouragedOne

    Those parents were total idiots. You don’t leave a loaded shotgun out in a corner, period. Stupid and/or irresponsible people find many ways to hurt themselves, guns are just a drop in the bucket. The worst weapon stupid/irresponsible people probably own weighs about 3,000 lbs.

  • DiscouragedOne

    If you actually listen to these people, their lack of empathy is evident, it is also not hard to see their real motives by their actions.

  • http://www.facebook.com/people/Herb-Smith/100003517683848 Herb Smith

    Right diagnosis and totally bogus cure. the article does a great job documenting the growing inequality. Then the article totally becomes impractical and misguided in suggesting how to fix it. Economic history shows boom and bust cycles are much worse without a central bank (the Fed) to stabilize things. 300 years of economic history filled with booms followed by financial panic and busts show that the free enterprise system is NOT inherently stable at all times, and is only moderately more stable with central banking to controls bank runs and other problems. Further, 2% inflation is necessary to keep the economy expanding. 0% inflation has been shown to be contractionary unless it’s offset by major new programs of government stimulus and that’s not going to happen with the GOP having veto power in the House and Senate.

  • Dr_Snooz

    So happy to see income and wealth inequality getting coverage on the right. Thank you!!!

  • http://www.facebook.com/people/Keenan-Roberts/100001155842197 Keenan Roberts

    Michael, excellent video and article about wealth inequality in America. The only thing I take issue with is the way that you seem to portray “big government” as distinct from the business class or business interests. This is definitely contrary to the reality we are facing. The fact of the matter is that big corporations and the billionaire class have taken over our government, to where the federal government (and many state governments as well) is practically indistinguishable from corporate interests.

    Our government, which was supposed to be serving the interests of “We, the People”, as enshrined by the constitution, is now a servant of “We, the Corporations and Billionaires”. It is misleading to portray the situation as some sort of behemoth bureaucratic “big government” with a mind of its own that is somehow distinct from other interests, when the reality is that the government has been hijacked by very specific interests – namely the top 1% of private wealth and power. The US Congress is so beholden to corporate and wealthy interests, and so blatantly corrupted by them, you might as well call them The Congress of Corporate America. It’s hard to find a single bill these days that was not written by corporate lobbyists. Do we even need to go into the sickeningly corrupt way our electoral campaigns are financed in this country, which is pretty much a joke to the rest of the world? Or the way the FDA is practically a subsidiary of Monsanto Corporation and other corporations that they are supposed to be regulating? No less than seven high ranking employees in the FDA have an employment history with the Monsanto Corporation. Wall Street’s influence over the US Congress is the most destructive relationship between government and the private sector ever witnessed in history, as witnessed by the fact that Wall Street Executive simply cannot be held to account for their crimes that have resulted in the destruction of the US economy over the last 7 years, while Wall Street is protected by the US Congress to continue getting away with murder.

    It is not “bureaucrats” acting in isolation for some supposed obscure interest that is hurting our economy and small businesses. It is a government working for the very specific interests of the wealthy 1% and big corporations.

    There needs to be a separation of corporation and state, just like there was the separation of church and state hundreds of years ago. Only a government that is truly of, by, and for “We, the People” that can stand up to private wealth and power and call the shots can remedy the situation before they finish the job of turning the country into a land of 300+ million serfs totally at the mercy of the top 1% of private wealth who make up the overlords.

  • bobstreet1

    Its not how this situation is going to play out, its about how long this country is going to last without some type of total breakdown, but all points to the ne t 10 to 20 years max., before everything will come to a screeching Meltdown.

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