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Tue Jul 14, 2020, 03:58 AM

'Foreshadowing The Year 2021: Half Of America Facing Poverty'

- "Foreshadowing the Year 2021: Half of America Facing Poverty." - The pandemic has caused chaos in the American job market, but you wouldn't know it from free-market groups who insist that "we will be just fine." By Paul Buchheit, Common Dreams, July 13, 2020.

There is something perverse about an economic system in which the stock market keeps climbing while people are dying. And in which 20 individuals can own as much wealth as the entire bottom half of the population. For the great majority of Americans without a share of the stock market, and for those who can't work from home, the pandemic is adding the prospect of a financial collapse to all their other concerns.

- Half of America was In or Near Poverty BEFORE the Pandemic: Anywhere from half to three-quarters of Americans are living paycheck-to-paycheck. The American Psychological Association recently estimated that 62% of us are stressed by money issues. According to the Credit Suisse 2019 Global Wealth Databook, 34 million American adults are among the world's poorest 10%óbecause of debt. But poverty is not just a number. We can skip past official measures that are based on an outdated 1950s cost of living. The World Bank defines poverty as "pronounced deprivation in well-being." That describes the millions of American workers in health care and personal care and food service and transportation and hospitality and retail who are now risking their lives.

There is poverty in the diminishing quality of life for Americans who are unable to pay for medical treatment during years of declining health, and instead turn to life-threatening opioid painkillers. Poverty is the stress of delinquent rent and mortgage payments; the steady decline of jobs that pay enough to support a family; the deadening impact of financial instability on physical and mental well-being. The United Nations describes America as a nation near the bottom of the developed world in safety net support and economic mobility, with the highest infant mortality rate in the developed world, the world's highest incarceration rate, and the highest obesity levels.
Low-income Americans are often surrounded by food deserts, with insufficient access to clean water and sanitation, and with pollution levels that have been compared to third-world countries. The extreme level of inequality in the U.S. has triggered a surge in drug and alcohol and suicide "deaths of despair" that continue to increase among poor Americans during the COVID-19 crisis.

- Big Tech Is Getting Richer: In March, 2020 the market capitalization for Big Tech (Apple, Microsoft, Amazon, Google, Facebook) was $4.1 trillion. In early July it was $6.6 trillion. A 60 percent increase in under four months! No one has profited more from 75 years of taxpayer input than these companies. But instead of supporting new jobs they're preparing their employees for a slowdown, while smaller tech companies are going right ahead with layoffs.

- How It's Getting Worse for Over Half of America: The pandemic is primarily impacting low-income communities and people of color, cutting into their incomes, threatening their futures. Their job situations were precarious even before the virus hit.. https://www.commondreams.org/views/2020/07/13/foreshadowing-year-2021-half-america-facing-poverty

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Reply 'Foreshadowing The Year 2021: Half Of America Facing Poverty' (Original post)
appalachiablue Jul 14 OP
stopbush Jul 14 #1
Locrian Jul 14 #3
SammyWinstonJack Jul 14 #2
appalachiablue Jul 14 #4
Chainfire Jul 14 #5
appalachiablue Jul 14 #6

Response to appalachiablue (Original post)

Tue Jul 14, 2020, 05:26 AM

1. It's time that we grow up and face a few facts about capitalism. We need to dump the Horatio Alger

bullshit and face reality.

When people tell you all you need is hard work to get ahead, they are lying. Most of the really wealthy people in the country inherited their money. The chances of the average Joe earning even an upper middle class income is slim to none. Most people never rise above the economic plateau into which they were born. Capitalism is wholly dependent on there being a large, poor working class for the wealthy to thrive.

That's about it.

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Response to stopbush (Reply #1)

Tue Jul 14, 2020, 06:56 AM

3. it also drives

a sort of monocrop mentality and market efficiency that is working against us.
The bullshit myth of it being all about "market competition" and "raising all boats".

It's a very good tool of concentrating wealth, mining opportunity in disasters, etc - the benefits are not by design but byproducts that occasionally benefit "the little people". Add in a dogmatic belief that it is a "natural law" and you get the belief in complete deregulation, massive concentration of wealth at the top - leading to idiots, sociopaths, and psychopaths in charge. A system so fragile it takes trillions to "support it" due to it's lack of focus on actual human needs vs lining the pockets of the people that believe they are the "chosen" or "best and brightest" john galts.

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Response to appalachiablue (Original post)

Tue Jul 14, 2020, 06:54 AM

2. What did tRump say, that other countries envy us? Right!

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Response to appalachiablue (Original post)

Tue Jul 14, 2020, 07:45 AM

4. Excerpts: "A Coming POVERTY EPOCH, Rather Than An Episode"

"A Columbia University study predicts a "coming poverty epoch, rather than an episode"; although the university's Center on Poverty added that the effects could be mitigated by the federal CARES (Coronavirus Relief) Act. The suffering will be global, and long-term. The World Bank expects extreme poverty levels to persist throughout the coming year."

"Both the World Economic Forum and Dell Technologies assure us that advanced computer technologies will drive the future job market. But this is not the Industrial Revolution. Today's machines are doing our thinking for us. The creative work that remains is being done by fewer and fewer people. Most people are not technology-oriented, and they're not able to work with AI and iPhone apps and analytics."

**Hope for the Future**: "It has already become clear that large-scale, coordinated federal government assistance makes a big difference. We are going to need a guaranteed income. Just a two-percent tax on total financial wealth would generate enough revenue to provide nearly a $14,000 annual stipend to every American household (including those of the richest families). Or guaranteed jobs. Employment is waiting in long-neglected fields like social services"...

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Response to appalachiablue (Original post)

Tue Jul 14, 2020, 09:30 AM

5. The cost of

Making America great again.....

Democrats will have one day to make everything right again before the Right starts screaming bloody murder, just as when Obama was elected. Republicans trash the economy, the Democrats clean up the mess....again.

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Response to Chainfire (Reply #5)

Tue Jul 14, 2020, 08:40 PM

6. The price of chainsaw capitalism; Dems. always cleaning up,

and it will bring major change and progress. Biden's 'Brave New Deal,' bring it on!

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