There is another round of bad news for most Americans. A study shows the top 1% of America's rich captured 121% of the income gains for the two years after the 2007-2009 recession was declared over. U.C. Berkeley Economist Emmanuel Saez released his study Striking it Richer: The Evolution of Top Incomes in the United States early this month to much press. It truly is astounding. Gone is America's strong middle class where work was rewarded.
There is a complete disconnect in Washington from the quiet desperation of American lives. While politicians chatter talking points and claim lobbyists' agendas are somehow sane economic and labor policy, a full 23% of Americans have been fired in the last four years.
The never ending stream of bad news for the U.S. work force cascades upon us like a tidal wave of despair. A host of studies have come out which put into numbers what most of us know, the American worker is being taken to the brink of financial ruin and even death.
Suicide has replaced motor vehicle accidents as the leading cause of death by injury and has increased 15% since 2000. While most people who commit suicide has psychiatric disorders, the fact is higher incidents of suicide do happen during bad economic times. Even more amusing is the government response, as if the best cure for feelings of despair, low self worth is not a damn job along with a healthy dose of respect for working people.
Homeless rates have actually not changed between 2009-2011, but that's only due to a large grant by the Federal government to keep more people sheltered. Now that funds have run dry and under attack by deficit hawks, expect homeless numbers to rise.
Despite the fact that the number of homeless people was essentially unchanged between 2009 and 2011, there is much reason for concern. As this report points out, economic and demographic indicators linked to homelessness continue to be troubling. Homelessness is a lagging indicator, and the effects of the poor economy on the problem are escalating and are expected to continue to do so over the next few years.
Most economists and the press look at personal income to think about America and wages. But there is another set of statistics which paints an even more stark picture. The social security administration publishes wage data, the last year available is 2010. While the average wage was $39,959.30, 66.2% of wage earners make less than this amount The median wage is $26,363.55. That means 50% of all wage earners in the United States earned less than $26,363.55 annually. That's poor.
Ah, the American Dream. Go to college, work hard, graduate, get a good job, career and then you'll be set for life with high earnings, enough money to buy a home, raise a family and retire comfortably.
Oops, rewind, this isn't the Ozzie and Harriet show, it's real life. Did you know student debt is one of the few debts one cannot declare bankruptcy on, no matter what? That literally you have to be in a pine box, or close to it, to have your debt forgiven? That 53.6% of those under the age of 25 with a four year college degree or better cannot find a job?
Student loan debt is now the next great bubble, threatening the U.S. economy as the mortgage crisis did. The NACBA released a study and calls student loan debt the next financial crisis, on the level of the mortgage crisis.
College seniors who graduated with student loans in 2010 owed an average of $25,250, up five percent from the previous year. Borrowing has grown far more quickly for those in the 35-49 age group, with school debt burden increasing by a staggering 47 percent.
The Federal Reserve released a report, the 2010 Survey of Consumer Finances. This is a report on household wealth from 2007-2010, removing effects of inflation. No surprise, median net worth declined by 38.8% from 2007 to 2010 and is down to 1992 levels. Why this should be no surprise is due to the housing bubble and declining home values. A home is the largest asset many people have.
If you watch most media you'd never guess what's the real America. From television shows where minimum wage jobs pay rent on $2000 a month flats, to families who never seem to run out of money or get foreclosed on, to messages of if only you follow some green line you'll have enough money for retirement, a never ending weave of fiction is spun. Like prey in the spider's web of tall tales, we're stunned and hypnotized into no longer seeing the poverty and despair all around us.
The never ending stream of bad news for the U.S. work force cascades upon us like a tidal wave of despair. A host of studies have come out which put into numbers what most of us know, the American worker is being taken to the brink of financial ruin and even death.
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop. 
Ah, the American Dream. Go to college, work hard, graduate, get a good job, career and then you'll be set for life with high earnings, enough money to buy a home, raise a family and retire comfortably.
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