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45 Signs That America Will Soon Be A Nation With A Very Tiny45 Signs That America Will Soon Be A Nation With A Very Tiny Elite And The Rest Of Us Will Be Poor
#1 Increasingly, gains in income are becoming very highly concentrated at the top of the food chain in America. The following is how income gains in the United States were distributed during 2010....
-37 percent of all income gains went to the top 0.01 percent of all income earners
-56 percent of all income gains went to the rest of the top 1 percent
-7 percent of all income gains went to the bottom 99 percent
#2 Back in the 70s, the top 1 percent earned about 8 percent of all income. Today, they earn about 21 percent of all income.
#3 The wealthiest 1 percent of all Americans own more wealth than the bottom 95 percent combined.
#4 According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.
#5 The poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.
#6 Median household income in the United States is down 7.8 percent since December 2007 after adjusting for inflation.
#7 The top 0.01% of all Americans make an average of $27,342,212. The bottom 90% make an average of $31,244.
#8 According to the Economic Policy Institute, between 1979 and 2007 income growth for the top 1 percent of all U.S. income earners was an astounding 390 percent. For the bottom 90 percent, income growth was only 5 percent over that same time period.
#9 According to one study, between 1969 and 2009 the median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for inflation.
#10 In 2010, 2.6 million more Americans descended into poverty. That was the largest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.
#11 According to the New York Times, approximately 100 million Americans are either living in poverty or in "the fretful zone just above it".
#12 According to Heidi Shierholz, an economist with the Economic Policy Institute, about 53 percent of all income went to the middle class back in the 1970s, but today only about 46 percent of all income does.
#13 When you look at the ratio of employee compensation to GDP, it is now the lowest that is has been in about 50 years.
#14 In 1970, 65 percent of all Americans lived in "middle class neighborhoods". By 2007, only 44 percent of all Americans lived in "middle class neighborhoods".
#15 Back in the year 2000, 11.3% of all Americans were living in poverty. Today, 15.1% of all Americans are living in poverty.
#16 The poverty rate for children living in the United States increased to 22% in 2010.
#17 According to the U.S. Census Bureau, 6.7% of all Americans are living in "extreme poverty", and that is the highest level that has ever been recorded before.
#18 According to the U.S. Census Bureau, the percentage of "very poor" rose in 300 out of the 360 largest metropolitan areas during 2010.
#19 Back in 1950, more than 80 percent of all men in the United States had jobs. Today, less than 65 percent of all men in the United States have jobs.
#20 The average duration of unemployment in the United States is nearly three times as long as it was back in the year 2000.
#21 In the United States today, there are 240 million working age people. Only about 140 million of them are actually working.
#22 Back in 2001, the ratio of wages to GDP was sitting at approximately 49 percent. Today, it has fallen all the way down to about 44 percent.
#23 Half of all American workers now earn $505 or less per week.
#24 Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.
#25 In 2010, 19.7% of all U.S. working adults had jobs that would not have been enough to push a family of four over the poverty line even if they had worked full-time hours for the entire year.
#26 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.
#27 The average American household spent a staggering $4,155 on gasoline during 2011.
#28 If inflation was measured the exact same way that it was measured back in 1980, the rate of inflation in the United States would be well over 10 percent.
#29 According to a recent report produced by Pew Charitable Trusts, approximately one out of every three Americans that grew up in a middle class household has slipped down the income ladder.
#30 Total student loan debt in America has now passed the 1 trillion dollar mark, and about 270 billion dollars of those loans are at least 30 days delinquent. These debts are absolutely crushing young middle class families.
#31 Today, approximately 25 million American adults are living with their parents.
#32 According to the Census Bureau, 49 percent of all Americans live in a home that gets direct monetary benefits from the federal government. Back in 1983, less than a third of all Americans lived in a home that received direct monetary benefits from the federal government.
#33 Between 1991 and 2007 the number of Americans between the ages of 65 and 74 that filed for bankruptcy rose by a staggering 178 percent.
#34 One out of every six elderly Americans now lives below the federal poverty line.
#35 The number of children living in poverty in the state of California has increased by 30 percent since 2007.
#36 According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in poverty, 40.1% of all children that live in Atlanta are living in poverty, 52.6% of all children that live in Cleveland are living in poverty and 53.6% of all children that live in Detroit are living in poverty.
#37 In November 2008, 30.8 million Americans were on food stamps. Today, more than 46 million Americans are on food stamps.
#38 Right now, one out of every four American children is on food stamps.
#39 It is being projected that approximately 50 percent of all U.S. children will be on food stamps at some point in their lives before they reach the age of 18.
#40 In 2010, 42 percent of all single mothers in the United States were on food stamps.
#41 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid, and things are about to get a whole lot worse. It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.
#42 Medicare spending increased by 138 percent between 1999 and 2010.
#43 One out of every six Americans is now enrolled in at least one government anti-poverty program.
#44 Federal housing assistance increased by a whopping 42 percent between 2006 and 2010.
#45 The amount of money that the federal government gives directly to Americans has increased by 32 percent since Barack Obama entered the White House.
As the middle class is systematically destroyed, families are looking for ways to survive any way that they can.
Why do you think that dollar stores are absolutely thriving these days?
It is because that is the only place many families can afford to shop.
So what is the solution?
Well, many liberals claim that the solution is to tax the wealthy and redistribute their money to the poor.
But that is definitely not the answer.
That would give the wealthy more of an incentive to take their wealth and their businesses out of the United States, and it would give the poor more of an incentive to sit around and not work.
When I was younger, if I could have gotten the government to pay my bills I probably never would have worked at all. I was quite lazy and I probably would have been more than happy to sit at home and collect government checks.
It is only human nature not to work hard when you have someone else willing to take care of you. For example, Vice-President Joe Biden recently revealed that he stayed in the U.S. Senate for so long because he didn't want "a real job". There is a part of all of us that would like to avoid hard work.
So redistributing wealth is not going to be good for society as a whole. It penalizes being productive and it rewards being lazy.
And our tax system is already way too oppressive for those that honestly pay their taxes.
Did you know that the average American must work 107 days just to make enough money to pay their taxes?
That is before a single penny is earned for anything else.
That is absolutely obscene!
This year, the average American will spend approximately 29 percent of what they make on federal, state and local taxes.
No, the truth is that our current tax system is horrific and it needs to be thrown out.
But that is a topic for another article.
Getting back to the dying middle class, the real answer is to break up big government and to break up the big corporations and promote competition in our economy once again.
We need wealth and power to be spread out into millions and millions of hands.
We need a system that tremendously encourages small businesses instead of absolutely crushing them.
We need dozens of competitors in most industries instead of just a handful.
We need to empower average Americans to be their own bosses instead of being dependent on big government and big corporations.
We need a system that gives "the little guy" a fighting chance.
It could be done if the American people were willing to reign in big government and the big corporations.
If you believe in the U.S. Constitution, you should believe in limiting the power of the federal government and limiting the power of the big corporations.
Those are principles that our founding fathers believed in, and those are principles that we need to return to.
James 5:1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
Jas 5:2 Your riches are corrupted, and your garments are motheaten.
Jas 5:3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
Jas 5:4 Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth.
Jas 5:5 Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter.
Jas 5:6 Ye have condemned and killed the just; and he doth not resist you.
Jas 5:7 Be patient therefore, brethren, unto the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth, and hath long patience for it, until he receive the early and latter rain.
Jas 5:8 Be ye also patient; stablish your hearts: for the coming of the Lord draweth nigh.
They will throw their silver into the streets, and their gold will be an unclean thing.
Their silver and gold will not be able to save them in the day of the LORD's wrath.
They will not satisfy their hunger or fill their stomachs with it, for it has made them stumble into sin.
The following are 22 red flags that indicate that very serious doom is coming for global financial markets....
#1 According to CNN, the level of selling by insiders at corporations listed on the S&P 500 is the highest that it has been in almost a decade. Do those insiders know something that the rest of us do not?
#2 Home prices in the United States have fallen for six months in a row and are now down 35 percent from the peak of the housing market. The last time that home prices in the U.S. were this low was back in 2002.
#3 It is now being projected that the Greek economy will shrink by another 5 percent this year.
#4 Despite wave after wave of austerity measures, Greece is still going to have a budget deficit equivalent to about 7 percent of GDP in 2012.
#5 Interest rates on Italian and Spanish sovereign debt are rapidly rising. The following is from a recent RTE article....
Spain's borrowing rate nearly doubled in a short-term debt auction as investors fretted over the euro zone's determination to deal with its debts.
And Italy raised nearly €3.5 billion in a short-term bond sale today but at sharply higher interest rates amid fresh concerns over the euro zone outlook, the Bank of Italy said.
#6 The government of Spain recently announced that its 2011 budget deficit was much larger than originally projected and that it probably will not meet its budget targets for 2012 either.
#7 Amazingly, bad loans now make up 8.15 percent of all loans on the books of Spanish banks. That is the highest level in 18 years. The total value of all toxic loans in Spain is equivalent to approximately 13 percent of Spanish GDP.
#8 One key Spanish stock index has already fallen by more than 19 percent so far this year.
#9 The Spanish government has announced a ban on all cash transactions larger than 2,500 euros. Many are interpreting this as a panic move.
#10 It is looking increasingly likely that a major bailout for Spain will be needed. The following is from a recent Reuters article....
Economic experts watching Spain don't know how much money will be needed or precisely when, but some are near certain that Madrid will eventually seek a multi-billion euro bailout for its banks, and perhaps even for the state itself.
#11 Analysts at Moody's Analytics are warning that Italy has now reached financially unsustainable territory....
"Italy is already out of fiscal space, in our estimate." said Moody's. "Its debt levels relative to GDP already exceed a manageable level. The manageable limit for Italian 10-year bond yields is estimated at 4.2pc. As of Wednesday, Italian 10-year yields were 5.46pc."
#12 It is being projected that the Portuguese economy will shrink by 5.7 percent during 2012.
#13 There is even trouble in European nations that have been considered relatively stable up to this point. For example, the Dutch government collapsed on Monday after austerity talks broke down.
#14 The head of the IMF, Christine Lagarde, says that there are "dark clouds on the horizon" for the global economy.
#15 The top economist for the IMF, Olivier Blanchard, recently made this statement: "One has the feeling that at any moment, things could get very bad again."
#16 A recent IMF report admitted that the current financial crisis could lead to the break up of the eurozone....
Under these circumstances, a break-up of the euro area could not be ruled out. The financial and real spillovers to other regions, especially emerging Europe, would likely be very large.
This could cause major political shocks that could aggravate economic stress to levels well above those after the Lehman collapse.
#17 George Soros is publicly declaring that the European Union could soon experience a collapse similar to what happened to the Soviet Union.
#18 A member of the European Parliament, Nigel Farage, stated during one recent interview that it is inevitable that some major banks in Europe will collapse....
There are going to be some serious banking collapses and the impact of that on some sovereign states, will be serious. I’m afraid we’ve gotten to a point where we really can’t stop this now. We’re beginning to reach a stage where however much false money you create, the problem becomes bigger than the people trying to solve it. We are very close to that point.
When I talk about the threats and the risk that this thing could wind up in some kind of rebellion, some sort of awful social cataclysm, they (other European politicians) are now very worried indeed. They will talk to you in private, but in public, nobody dares utter a word.
I think the deterioration, in the last two or three weeks, in the eurozone is very serious indeed. It’s the bond spreads in Italy and Spain. It’s the fact that youth unemployment is now over 50% in some of these Mediterranean countries.
It’s riot and disorder on the streets. And yet a month ago I was here and there was Herman Van Rumpuy telling us, ‘We’ve turned the corner. Everything is solved. There are no more problems with the eurozone.’ What a pack of jokers they look like.”
#19 The IMF is projecting that Japan will have a debt to GDP ratio of 256 percent by next year.
#20 Goldman Sachs is projecting that the S&P 500 will fall by about 11 percent by the end of 2012.
#21 Over the past six months, hundreds of prominent bankers have resigned all over the globe. Is there a reason why so many are suddenly leaving their posts?
#22 The 9 largest U.S. banks have a total of 228.72 trillion dollars of exposure to derivatives. That is approximately 3 times the size of the entire global economy. It is a financial bubble so immense in size that it is nearly impossible to fully comprehend how large it is.