David Degraw:
News reports are out saying that in 2009 the poverty rate “skyrocketed” to 43.6 million – up from 39.8 million in 2008, which is the largest year-to-year increase, and the highest number since statistics have been recorded – putting the poverty rate for 2009 at 14.3 percent.
This is obviously a tragedy and horrific news. However, this is blatant propaganda.
The Census Bureau uses a long outdated method to calculate the poverty rate. The Census is measuring poverty based on costs of living metrics established back in 1955 – 55 years ago!
These numbers are based on: $22,050 for a family of four. Let me repeat that: $22,050 for a family of four. That breaks down to $5513 per person, per year. I don’t know about you, but I can’t imagine living in the United States on $459 per month.
If you increase that measure by just a small increment, to $25,000 for a family of four, you are now looking at nearly 100 million Americans in poverty.
Let’s get real. Someday. Please.
While the economic top half of one percent now fears a ‘double-dip’, the overwhelming majority of Americans are in the same downward spiral they’ve been on since Reagan.
A recent study done by Capgemini and Merrill Lynch Wealth Management found that a mere one percent of Americans are hoarding $13 TRILLION in ‘investible wealth’.
Yep, one percent of Americans are hoarding $13 TRILLION in ‘investible wealth’ and that doesn’t even factor in all the money they have hidden in offshore accounts.