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100 Million Americans In Poverty or Ready For It

November 24, 2011

If the current unemployment numbers, the nearly 50 million on government food assistance, combined with nearly non-existent savings accounts, anemic real estate values and a static real estate market, and the runaway printing of the dollar are not enough to convince you that the nation is headed for depression, the nation has cold reality looking it in the face that nobody wants to talk about. Multitudes of U.S. citizens are part of a diverse group of near poor, people that continue to be overlooked.

The U.S. Census Bureau released a new measure of poverty that was designed to better count disposable income. The most startling differences between the old measure and the new involves data the government has not yet published. This big secret is that 51 million additional people have incomes near the poverty line. That number of Americans is 76 percent higher than the official account published in September. That places 100 million people either in poverty or just above poverty. This current scenario counts on stability, which we don’t have.

After decades of poor wages for so many Americans and the worst downturn since the Great Depression, the findings show the reality of what America really faces, but has been quick to deny. “These numbers are higher than we anticipated,” said the bureau’s chief poverty statistician. “There are more people struggling than the official numbers show.”

With the Euro in the toilet today because of a failing bond issue, reality is not going to get better any time soon. We’re in for rocky times ahead. One hundred million people are barely able to keep themselves fed and sheltered. Tens of millions more will join the ranks of the near poor over coming years regardless of the good news you hear. Why? The good news isn’t good enough to pull America out of the banker’s ash can.

As more people become part of the near poor, more debt and government bonds will need to be issued. Consider the reality of rising prices in essential goods like food and energy and we have an intensifying situation at hand. The Chinese aren’t likely to want to buy more U.S. bonds to sustain the unemployed and to buy food stamps for millions of needy Americans. The bankers of the Fed will simply print more greenbacks. Many Americans are buying their way into a temporary sense of comfort this holiday season. The ensuing feeling of panic and abandonment are likely to rise as overextended Americans and bad news overseas place additional pressure on the house that international bankers built. You can see why American agencies have already prepared for national unrest behind the scenes, while politicians wink uncomfortably at the Occupy Wall Street folks.

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