Tue Feb 12, 2013, 06:11 AM
eridani (42,414 posts)
For Shame, Wealthy America: Some Facts About the Victims of Your Greed
In 1983 the poorest 47 percent of America owned $750 billion dollars, $15,000 per family, 2.5 percent of the nation's wealth.
In 2009 the poorest 47 percent of America owned ZERO PERCENT of the nation's wealth (their debt exceeds their assets).
While official poverty rates for seniors have declined since 1970, averages are misleading in the face of inequality. The wealth gap was already extreme for the 60 age group in 1995 and has grown for ALL age groups since that time, with an upsurge since 2005 that, according to the Census Bureau's Supplemental Poverty Measure, has left one out of six seniors in poverty.
The majority of elderly Americans may not be at the official poverty level, but they're still very poor. Sixty percent of women over 65 (and 41 percent of men) have incomes insufficient to cover essential everyday expenses. And as the rest of American adults grow older, half of them are not saving anything for retirement.
It would be much worse without Social Security. The median income for seniors is less than $20,000 a year, and even though Social Security provides only an average benefit of $15,000, it accounts for 55 percent of annual income for the elderly. The Center on Budget and Policy Priorities estimates that almost half of American seniors would drop below the poverty line without their Social Security benefits.
Wealthy America, you've taken so much that one out of five American families has negative wealth—no assets, and household debt of $27,000. Yet you still want them to give up their Social Security benefits. It's not shame you should feel, but loathing.
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For Shame, Wealthy America: Some Facts About the Victims of Your Greed (Original post)
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