Income Inequality

A Gathering Storm

From Tomgram, July 26:

China’s economy soars on one side of the planet (though with a multitude of half-hidden problems). . .  On the other side of the same planet, from Greece and Ireland to Spain and Italy, Europe shudders and fears run wild. Meanwhile, back in the U.S., the president and Congress have headed the economy merrily for the nearest cliff, while money is lacking even to keep court systems running in some parts of the country.

In February, former Forbes editor Robert Lenzner blogged:

Harvard economist Kenneth Rogoff [predicts] that the high unemployment rate and high levels of debt in the U.S. will sooner or later trigger serious ‘social unrest from the income disparities in the U.S.’

“. . . I don’t understand why people don’t wake up to the crisis they are creating,” . . .

July 26, the Pew Research Center reported:
Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics

“The median wealth of white households is 20 times greater than that of black households and 18 times greater than that of Hispanic households, according to a Pew Research analysis of newly-available data from a 2009 government survey. These ratios are the largest in the quarter century since the government first published such data. “

Categories: Income Inequality, USA

4 replies »

  1. The United States is heading to a financial fiasco that will completely unnerve the country. Not only is the USA's finical compass askew, its moral compass has all but gone.

    In Alabama and a few other Southern States mothers who have a miscarriage or stillborn baby and are substance abusers are sent to jail for murder, in fact several maybe executed for murder. This from states that offer little or no pre natal care or funding for addicts.

    The American dream is rapidly turning into the American nightmare as the poor can not get any poorer and the rich are getting richer.

    History shows that when the economic situation is so wide between rich and poor, unhappy results will happen. It is called revolution.

    A revolution can be:

    1) Quiet, where the government makes social change to meet the needs of the poor or disposed, or –

    2) It can be violent where the lesser people rise up and violently protest the actions of the government.

    Now the USA is no stranger to revolution and violence. The Mexican & civil War are but two good examples. It was the 1960's where equal rights and the Vietnam war almost brought the USA to the doorstep and scared the ruling elites into change. Death and violence is the American way.

    The USA is a right wing, pseudo religious state, based on the marriage of right wing financial policy and right wing Christan beliefs, where change is abhorred and there is the common belief that things will remain the same for all ages.

    Sorry folks, it just ain't going to happen and if the USA doesn't get both its fiscal house and political houses in order, in 20 years time, the USA maybe just a superpower memory.

    Remember, pre 1914, Britain was a world power, yet by 1939 Britain was in decline and by 1945, Britain was in a shambles.

    There are great lessons to be learned, but it seems US politico's as well as the voters live in a Hollywood dreamworld, waiting to be saved by a great hero.

    I hope Canadian politicos are understanding the lessons being taught today, lest this country succumb to the same end.


  2. Evil Eye says:
    “Death and violence is the American way.
    The USA is a right wing, pseudo religious state. . .”

    Well, part of it may be but the USA is also home to many people of high principles and humanity. Unfortunately, their political system, too influenced by radical nutbars, is broken. As well, the mass media is largely suborned by financial interests. This may be the fundamental issue that leads to politics of ignorance.


  3. Corruption and greed has kicked the hell out of BC, for over ten years now.

    The BC Liberals are still at it. When they pulled the HST papers, out of the FOI, they were blank.

    The BC Liberals, had secret contracts, for firms with BC Liberal ties, for the pro HST campaign.

    Christy was to have courses on, ship building for SeaSpan. Rumor has it, the Washington Marine Group, wants a slice of the action, if BC gets a contract. That name seems familiar.

    Most of the Canadian and American people have principals and dignity. However, our politicians don't. No political party has made that more abundantly obvious, than the BC Liberals. You can throw Harper into the mix, as well.


  4. If the USA cannot deal with the simplest of gun control, and I mean the most basic of gun control like the selling of Saturday night specials and automatic weapons, bad things will continue unabated. There is a belief in the land down south that it is a god given, constitutional right to own and carry guns.

    God is an American didn't you know. In God We Trust.

    American friends of mine are absolutely disgusted with the current state of affairs both social and political and if you think what I say is strong, wow, what they say make my current tomes seem like Pollyanna.

    The USA, like Canada is heading down a dark road and if we do not stop and rethink our route, I'm afraid of very bad things to come.


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