"Every Morning, Every Evening, ain't we got fun"....
"The rich get richer and the poor get poorer"
"We have to make cuts in education...prisons...mental health..."
"No recession for the rich,
while poor and middle class
hit depression level underemployment"
"One in three Americans earns less than they need to pay their bills. One in two low income Americans are underemployed or unemployed."
"No new taxes...do not tax the rich..."
"85% of the American wealth is in the hands of 10% of the population."
"America's class system is becoming as rigid as any nation in the world, with the bootstraps and every child can grow up to be president increasingly fanticies and fairy tales of the American Mythos."
"The folks in the upper-income group are not suffering much, if at all, from the profound reversals in employment brought about by the Great Recession. Those in the middle have been hit hard. The job losses there have been severe and long-lasting. But for those in the lower-income groups, the scale of the employment crisis has been mind-boggling.
Excerpt from the Huffington Post | by Ryan McCarthy First Posted: 02-10-10 01:00 PM | Updated: 02-10-10 01:0national unemployment rate dipped slightly in January to 9.7 percent, a new study suggests that not only have low-income workers been the hardest hit by the jobs crisis -- but, shockingly, there has been "no labor market recession for America's affluent."
The study from Andrew Sum, Ishwar Khatiwada and Sheila Palma at Northeastern University's Center for Labor Market Studies suggests that the unemployment problem is largely a problem for low-wage workers (hat tip to the Curious Capitalist, chart of unemployment by financial status and pdf of study included at this Time-CNN site).
From the study:
At the New York Times, Bob Herbert delved into the study and noted, "The point here is that those in the lower-income groups are in a much, much deeper hole than the general commentary on the recession would lead people to believe." Here's more from Herbert:
The highest group, with household incomes of $150,000 or more, had an unemployment rate during that quarter of 3.2 percent. The next highest, with incomes of $100,000 to 149,999, had an unemployment rate of 4 percent.According to the study, approximately 50 percent of households in the bottom decile of American income distribution are underemployed; in the second lowest decile, 37 percent of households can't find enough work. The authors write: "These extraordinarily high rates of labor underutilization among these two income groups would have to be classified as symbolic of a True Great Depression."
Contrast those figures with the unemployment rate of the lowest group, which had annual household incomes of $12,499 or less. The unemployment rate of that group during the fourth quarter of last year was a staggering 30.8 percent. That's more than five points higher than the overall jobless rate at the height of the Depression.
For pdf of actual study contact Communication Prof News and Views, Art Lynch.
Sources: Huffington Post, Time-CNN, New York Times, http://www.greatrecession.info/
First Posted 2-9-2010