Is American Society coming apart at the seams?

*Man In Black* · Nov 23, 2009 12:04 PM

1) The inequality of wealth in the United States is soaring to an unprecedented level. The U.S. already had the highest inequality of wealth in the industrialized world prior to the financial crisis. Since the crisis, which has hit the middle class and poor much harder than the top 1 percent, the gap between the top 1 percent and the remaining 99 percent of the U.S. population has grown to a record high.
....
4) Workers between the ages of 55 to 60, who have worked for 20 to 29 years, have lost an average of 25 percent off their 401k. During the same time period, the wealth of the 400 richest Americans went up by $30 billion, bringing their total combined wealth to $1.57 trillion.
....
Needless to say, all of this will make life drastically more difficult for American citizens. As the middle class continues on the path of economic decline, the number of citizens living in poverty has already hit an all-time high.

Source embedded.

Jolie · Nov 23, 2009, 12:35 PM

IF the U.S. has the greatest "inequality" of wealth among industrialized nations, it is because the greatest potential for individuals to build wealth exists here in the U.S.

We also have the greatest standard of living among the world's poor.

Kudos to those who educate themselves, innovate, take risks, sacrifice, employ others and create great personal wealth. They are the providers of our society, by employing others, creating demand for products and services and by paying the majority of taxes in this great country.

I admire them and begrudge them nothing. They (and their families) have earned it.

*Tweety* · Nov 23, 2009, 01:09 PM

I'd like to remain hopeful that we can survive, but those are some pretty sobering and alarming statistics.

Jolie, I have nothing against those kinds of people either, it's what made America great. But there are some greedy people out there stomping all over us, like oil companies, pharmaceautical companies, insurance companies, etc. Not sure in a free market there's much one can do, but not all have earned their wealth through hard work, education and innovation. Some are just plain greedy.

If one wants to see a serious gap between rich and poor, go to India.

*tntrn* · Nov 23, 2009, 02:00 PM

Originally Posted by Tweety

I'd like to remain hopeful that we can survive, but those are some pretty sobering and alarming statistics.

Jolie, I have nothing against those kinds of people either, it's what made America great. But there are some greedy people out there stomping all over us, like oil companies, pharmaceautical companies, insurance companies, etc. Not sure in a free market there's much one can do, but not all have earned their wealth through hard work, education and innovation. Some are just plain greedy.

If one wants to see a serious gap between rich and poor, go to India.

And in some places in India, it's hard to tell the rich from poor. Many of the rich, live very meager lives, and save, save, save.

SharonH, RN · Nov 23, 2009, 05:44 PM

Originally Posted by Tweety

But there are some greedy people out there stomping all over us, like oil companies, pharmaceautical companies, insurance companies, etc. Not sure in a free market there's much one can do, but not all have earned their wealth through hard work, education and innovation. Some are just plain greedy.

I couldn't agree more. This idea that the all the wealthy have earned their status through intelligence, hard work and innovation is a myth, actually pure garbage. Some have, many have not. The worst part of that is the implied inverse; that if you are poor in this country it is because you are lazy, unintelligent or lack ambition and motivation. In other words, you deserve it. More garbage.

SharonH, RN · Nov 23, 2009, 05:45 PM

As disturbing as that report is, the truth is that the standard of living in this country and our expectations of a certain lifestyle have never been higher.

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Is American Society coming apart at the seams?

Is American Society coming apart at the seams?

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