Monday, July 29, 2013

boom times for poverty

WASHINGTON (AP) — Four out of 5 U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream....
While racial and ethnic minorities are more likely to live in poverty, race disparities in the poverty rate have narrowed substantially since the 1970s, census data show. Economic insecurity among whites also is more pervasive than is shown in government data, engulfing more than 76 percent of white adults by the time they turn 60, according to a new economic gauge being published next year by the Oxford University Press.
Does anyone doubt that this sort of insecurity will lead to anger and perhaps violence? Banks are doing fine -- thanks for asking -- but how long do they and their policy-writing paramours in government imagine they can dodge the bullet(s)?

As the Somali intelligence officer once observed about the big-bucks piracy off his coast, "If you do not share your wealth with us, we will share our poverty with you."

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