February 19, 2013

The real story of the recession

Alternet - Research by economist Emmanuel Saez shows that the top 1 percent has enjoyed income growth of over 11 percent since the official end of the recession. The other 99 percent hasn’t fared so well, seeing a 0.4 percent decline in income.

....The latest Census Bureau data shows that one in two Americans currently falls into either the “low income” category or is living in poverty.

....46.7 million Americans must now use food stamps in order to get a meal, and many aren’t old enough to earn money for themselves. Almost half of all U.S. children will be on food stamps during some part of their childhood. For black children, that number is 90 percent. 

...According to economist Kenneth Thomas, the U.S. has the dubious honor of having the highest elder poverty rate of any industrialized nation larger than Ireland.

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