We were told we needed to bail out Wall Street in order to save Main Street. Well the results are in…
Wall Street has never done better, and Main Street has never done worse.
From the Huffington Post:
Low-income workers and their families do not earn enough to live in even the least expensive metropolitan American communities, according to a new analysis of families’ living costs published Wednesday.
The analysis, released by the left-leaning Economic Policy Institute, is an annual update of the think tank’s Family Budget Calculator that reflects new 2014 data. The Family Budget Calculator is a formula designed to determine the income “required for families to attain a secure yet modest standard of living” in 618 different communities across the country that the U.S. Census Bureau defines as metropolitan areas. The formula uses data collected by the government and some nonprofit groups to measure costs of housing, food, child care, transportation, health care, “other necessities” like clothing, and taxes for families of 10 different compositions in these specific locales.
The updated Family Budget Calculator shows that even the most affordable metropolitan areas in the country are beyond the reach of millions of American families with incomes above the official federal poverty level. The official federal poverty level for a family of two parents and two children in 2014 was $24,008, according to the EPI. But the least expensive metropolitan area in the country for this family type is Morristown, Tennessee, where a family needs an income of $49,114, according to the Economic Policy Institute’s budget calculator.
The Economic Policy Institute also estimates that minimum-wage workers — who almost universally earn less than the federal poverty level — lack the income needed to make an adequate living in any of the communities surveyed, even if they are single and childless. The think tank notes that this includes minimum-wage workers living in cities or states with a higher minimum wage than the federal minimum of $7.25 an hour, or $15,080 a year for a full-time worker.
Even families with incomes closer to the middle of the earnings spectrum lack the means to maintain an adequate standard of living. The nation’s median household income was $51,939 in 2013 — the most recent year in which data were available — not much higher than the cost of living in the relatively inexpensive Morristown.
Where’s our hero when you need him?
For more on the “oligarch recovery” see:
The Oligarch Recovery – Renting in America is Most Expensive Ever
Another Tale from the Oligarch Recovery – How a $1,500 Sofa Costs $4,150 When You’re Poor
Just Another Tale from the Oligarch Recovery – $100 Million Homes Being Built on Spec
Portrait of the American Oligarchy – The Very Troubling Income and Wealth Trends Since 1989
In Liberty,
Michael Krieger
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G
Follow me on Twitter.
Well of course! Don’t you understand? We are not a Democracy trying to practice Capitalism (which now must be called “Classic Capitalism” to distinguish it from Perverted Capitalism, such as Crony Capitalism among many others.) I support Classic Capitalism and I am a disciple of Adam Smith.
We are Ruled by the Global Oligarchy, which provides us with their Command Economy. Fed Chair Janet Yellen and Senator Bernie Sanders know this, but realize it is dangerous to say so.
In 1776 ADAM SMITH showed that nations gain wealth when workers are paid LIBERALLY! And that when we pay, as now, by the Unfree Market, we will find we are going fast backwards”. And we have been for decades.
The PITCHFORKS are COMING!
The other reason for this problem is the greedy real estate management companies, real estate developers and the landlords who keep raising the rents. Our media and culture does not address the fact that you are an economic slave to the LANDlord…the lord that owns the land or apartment building. Your a nothing….
The predictive programming movie Hunger Games made the point of this article quite clear.
There is no such thing as a trickle down economy. The bankers hold on to the money or invest in things that profit them.