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Tue Feb 12, 2013, 06:11 AM

For Shame, Wealthy America: Some Facts About the Victims of Your Greed

http://www.nationofchange.org/shame-wealthy-america-some-facts-about-victims-your-greed-1360595041

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).

<anip>

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.

<snip>

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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Reply For Shame, Wealthy America: Some Facts About the Victims of Your Greed (Original post)
eridani Feb 2013 OP
SmileyRose Feb 2013 #1
eridani Feb 2013 #2
libtodeath Feb 2013 #3
woo me with science Feb 2013 #4
dodgecharger Feb 2013 #5
uppityperson Feb 2013 #6
Cooley Hurd Feb 2013 #7

Response to eridani (Original post)

Tue Feb 12, 2013, 06:49 AM

1. Unfortunately

Rich people are proud of all that.

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Response to SmileyRose (Reply #1)

Tue Feb 12, 2013, 07:45 PM

2. How long can we afford to let amoral sociopaths run the country? n/t

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Response to eridani (Original post)

Tue Feb 12, 2013, 07:47 PM

3. It is disgraceful and worse yet much the result of criminal actions like insider trading and so on

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Response to eridani (Original post)

Tue Feb 12, 2013, 08:42 PM

4. K&R

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Response to eridani (Original post)

Tue Feb 12, 2013, 08:49 PM

5. over 10,000 people going on food stamps per day

 

i hope you blame international bankers

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Response to dodgecharger (Reply #5)

Tue Feb 12, 2013, 08:54 PM

6. What?

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Response to dodgecharger (Reply #5)

Fri Feb 15, 2013, 07:07 PM

7. Link to that fact?

...and you're not very good at what you're attempting to do here.

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