Weekend Economists: See the Kittehs! May24-27, 2013

[bread_and_roses]

105. "The Real Numbers: Half of America in Poverty -- and It's Creeping toward 75%"

http://www.alternet.org/economy/real-numbers-half-america-poverty-and-its-creeping-toward-75-0

AlterNet / By Paul Buchheit
The Real Numbers: Half of America in Poverty -- and It's Creeping toward 75%
May 26, 2013

The Census Bureau [3] has reported that one out of six Americans lives in poverty. A shocking figure. But it's actually much worse...

1. Almost half of Americans had NO assets in 2009...

3. Based on wage figures, over half of Americans are now IN poverty.

According to IRS data, the average household in the bottom 50% brings in about $18,000 [9] per year. That's less than the poverty line [10] for a family of three ($19,000) or a family of four ($23,000).

Census [11] income figures are about 25% higher, because they include [12] unemployment compensation, workers' compensation, Social Security, Supplemental Security Income, public assistance, veterans' payments, and various other monetary sources. Based on this supplemental income, the average household in the bottom 50% brings in about $25,000, which is just above the $23,000 poverty line for a family of four.

4. Based on wage figures, 75% of Americans are NEAR poverty.

... And as Congress continues to cut life-sustaining programs, its members should note that their 400 friends on theForbes list [20] made more from their stock market gains last year than the total amount of the food [19], housing [21], and education [21] budgets combined.

But not to worry! The ACA is ALMOST HERE!

ah, yes. The ACA. Under which, if they lived in CA, a couple I know intimately (ahem), with a decent income but who's meager savings have been - literally - zero-ed out, assuring them poverty in old age - by family members who's jobs were lost and never returned, who've had no means of support for small children (welfare being what it is these days since the Deform is not - believe me - of any use (most ESPECIALLY if one is actually trying to work, takes temporary or part-time jobs, which the system punishes you for by, for instance, depriving you of Day Care subsidies which then, of course, mean you are beggared if you try to work but "sanctioned" (cut off) if you have to quit because you can't afford the care ...oh, I could go on and on ...but to get to the point: this couple, under CA's health "reform" would now pay roughly 12% of their income for health "care" .... Oh, Frabjous Day Hoorah Hooray!