Half of all families in the United States are poor, near poor, or face economic insecurity where, “one major setback in income could push them into poverty.” That’s the shocking conclusion of a report released by The Hamilton Project. Released by the left-of-center think tank, housed at the ‘non-partisan’ Brookings Institution, the report is a bombshell for those who believe that the current workings of the economy are both sound and fair.
According to the report titled, “A Dozen Facts About America’s Struggling Lower Middle Class,” families with household incomes under $60,000 a year “live in economically precarious situations.” The earnings of half of all American households fall between $15,000 and $60,000. And it’s barely sufficient for many to keep their head above water.
Sadly, the tough news for workers who face economic insecurity and their children doesn’t end with lower pay. 4 out of 10 kids who live in families earning between $15,000 and $60,000 face hunger, food insecurity, or food-related health challenges such as obesity.
And, on top of it all, working poor and lower-middle class workers pay the highest marginal tax rates of any other group of taxpayers in America, reaching up to 95% of earned income.
For many, The Hamilton Project’s analysis will not come as surprise. These longterm trends are showing up in data from across the U.S. economy, including in the disappointing “Black Friday weekend holiday sales. Given that wages are at a 40-year low and the ongoing impact of a still struggling economy, living on the verge of “economic chaos,” as the report puts it, is now standard fare for most.
This really isn’t that difficult: companies would rather suck away more and more revenue and hide it in offshore accounts rather than pay it in wages. As such, we see increasing profits for companies, but stagnant - and even declining - wages for employees.
This means that people have less money year after year. And - shock of shocks - people who don’t HAVE money don’t SPEND money. This means that either they spend money they don’t have (exacerbating the credit crisis) or they buy less non-essential things. meaning that companies receive less revenue.
But the mindset at the top still has not changed, nor is it likely to, They’ll still suck out more revenues - cutting costs (which usually means layoffs or hiring freezes) and shrinking operation budgets to vacuum those funds into the “profit” window.
And so on, and so on, and so on, until the people at the bottom can’t even afford the essential (which is happening already), and the tax base is stripped to the degree (and the same companies rally to keep THEIR taxes low and roll back benefits and regulations) that the safety net diminishes or even disappears,
I’ve said it before, and I’ll say it again: if you’re going to have an economy that depends on consumption, the people who create the revenues (customers) have to have sufficient income to not only cover the essentials (food, shelter, utilities, healthcare, etc.), but to be able to consume. If there’s no consumption, there’s no revenue. If there’s no revenue, there’s no budgets, wages, taxes, or, yes, profits.
…unless you use the government to subsidize your business, but, again, with the tax base shrinking, that’s likely to dry up soon as well.
And the end result? We have all the revenue in the hands of a shrinking few who flat-out refuse to give any of it up, and everyone else suffers.
This is unsustainable.
I’d never, ever hurt a lady but I’d be happy to punch a feminist.
It’d bring me great joy.
I’m 6’2 and weigh 180lbs
ready when you are
Or if you’d like to have some more options….
and have 9 years of combined martial arts training and 3 years of being a Line Backer in football.
Just in case you are looking for variety.
what about a lady and a feminist. warning, combatives certified soldier.
I swear this has been much more entertaining than it should be. There’s surely a lesson in here somewhere…
[D] There is: anti-feminists are violent assholes.
Attorney General Jack Conway said some consumers attempting to locate the official site through search engines were being deceptively steered to the kynect101.com website instead of kynect.ky.gov, where they were provided false information about their options under the federal Affordable Care Act, including being informed that there were no plans with federal subsidies available to offset a portion of their insurance premiums.
The AG’s Office of Consumer Protection contacted the owners of the website on Nov. 26, demanding that the site be taken down. The letter also noted that kynect is a copyrighted term and that the copycat site infringed on the state’s copyrights.
Google was also contacted and asked to remove the website from Google search results. The site has now been taken down and no longer appears on Google search results.
“Last week, Kentuckians who googled the search term ‘kynect’ received kynect101.com as the first search result – not anymore,” General Conway said. “I will not tolerate sites that mislead consumers. Kynect.ky.gov is the only official government website and has clear information about the plans and subsidies that are available through the Affordable Care Act.”
This seems to be becoming a disturbing trend.
Yesterday, I posted a story about how the California Assembly GOP had put a link to a bogus exchange site in mailings they had sent out, and today we have this, the third website in Kentucky that was deceptively similar to their exchange site.
A quick “who is” search turned up some information about who was involved with this latest bogus site in Kentucky. The URL is owned by “GL Meredith Capital, LLC” and was registered by a person name Griffin Meredith.
It turns out Griffin Meredith is associated with a company called “The Benefits Firm.” as VP of Employee Benefit Sales.
So, in this case, it appears to be a scam to drive customers to buy plans through their business instead of the exchange, as opposed to a sabotage effort as the site from the California Assembly GOP.
Still, this type of scamming isn’t doing the perception of the ACA any favors.
This is really disturbing.