The “new normal”: More than one in five Americans at risk of destitution

Discussion in 'Economy' started by hvactec, Aug 2, 2010.

  1. hvactec
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    hvactec VIP Member

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    By Barry Grey
    WSWS
    Saturday, Jul 31, 2010

    More than one in five Americans in 2009 suffered a household income loss of 25 percent or more over the previous year, according to a new report sponsored by the Rockefeller Foundation and entitled “Economic Security at Risk.” The report documents a steady increase in economic insecurity since the 1960s, and concludes that annual income losses of 25 percent or greater increased by 49.9 percent between 1985 and 2009.

    “Putting this trend in terms of population,” the report states, “approximately 46 million Americans were counted as insecure in 2007, up from 28 million in 1985.” The head of the research team that prepared the report, Yale University Professor Jacob Hacker, told an interviewer, “What we’re seeing, basically, is what we’re calling ‘the new normal.’ We’re slowly ratcheting up this level of economic insecurity.”

    The research group has devised what it calls the Economic Security Index (ESI), which measures the share of Americans in a given year who experience at least a 25 percent decline in their available household income and who lack a financial safety net to replace the lost income. Such a sudden income drop—usually due to the loss of employment, high medical expenses, or a combination of the two—often leaves people facing destitution.

    The report does not include 2010, when long-term joblessness has become endemic. The ESI for this year will doubtless be considerably higher than for 2009.

    The study notes that a staggering 60 percent of Americans experienced at least one income loss of 25 percent or more over the 1966-2006 period, and that losses of this size have become more common across most income sectors since the mid-1980s.

    read more The ?new normal?: More than one in five Americans at risk of destitution | Economy |Axisoflogic.com
     
    Last edited: Aug 2, 2010
  2. Truthmatters
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    Thank Bush
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    BOOOOSHWHACKED!

    Thread over. :lol:

    [​IMG]
     
  4. Tech_Esq
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    Tech_Esq Sic Semper Tyrannis!

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  5. syrenn
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    syrenn BANNED

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  6. Mr Clean
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    Mr Clean Gold Member

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    Thank greedy American businessmen and their willing accomplices in government for sending all the jobs overseas.
     
  7. Pepe
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    Pepe Senior Member

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    When you hear the word Freedom, you should immediately think Personal Responsibility.

    The Constitution was written to protect you from me NOT you from yourself.

    Charity comes from the heart NOT from the end of Caeser's Hessian's gun barrels.

    It is NOT the responsbility of the Imperial Government to determine who gets "Charity", Personal, Corporate or Union, and who does not.

    The lessons learned from the Great Depression that my grandparents and parents lived through were forgotten by the "What's in it for me generation" in the days of "Cheap Credit" and "Cheap Money."

    Those who have a 50,000 income with 3 credit cards at 10K each, 2 cars at 600 each and a mortgage on a 300K home will just have to learn the hard way.

    Life is not fair.

    This is the beginning of the "pain" the Sheeple are going to suffer not the end.

    The worst is yet to come.
     
    • Thank You! Thank You! x 1
  8. william the wie
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    william the wie Gold Member

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    this is a major reason for a lack of recovery. Don't know if the top 1% is at risk but the next 4 of the top 5% are sure spending like they are at risk.
     

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