America 2010: poverty soars while corporate executives wallow in cash
The poverty rate jumped to 14.3 percent in 2009, up from 13.2 percent a year earlier and the highest rate since 1994, the Census Bureau said Thursday. Last year, a record 43.6 million people were in poverty, up from 39.8 million in 2008 — the third consecutive increase. “The number of people in poverty in 2009 is the largest number in the 51 years for which poverty estimates have been published,” the Census Bureau said.
A chief executive officer of a Standard & Poor’s (S&P) 500 index company was paid, on average, $9.25 million in total compensation in 2009.
Eli Pariser of MoveOn captures the obscenity in a tweet:
In the US, the richest country on earth in terms of total wealth, 1 in 7 live in poverty.
As a New Yorker, it’s easy to see that things are completely out of whack when luxury real estate listings for multi-million dollar apartments are a dime a dozen.
As I’ve said, these are dark days for progressives and for America with inequality, injustice, hunger, poverty, human rights violations, oppression of women and so many other ills rampant. Our work is cut out for us.
UPDATE: More on income inequality from Joan McCarter:
Based on the preliminary data from the Census, Democrats on the U.S. Congress Joint Economic Committee (JEC) have issued a report based on the Census data, showing that “income inequality skyrocketed in the past three decades, peaked under President Bush just before the Great Recession began, and may have been a root cause of the worst recession since the Great Depression.”
The report talks about how increasing income inequality has been compounded by financial deregulation, resulting in easier access to credit and more and more American families getting deeper and deeper into debt just to make ends meet.