The US poverty rate has increased to 15.7%, the highest that the measure has been in nearly fifty years. The Associated Press reported that this estimate of the growing number of impoverished citizens translates to one in six of us, or 47 million people, who are now living below the poverty line. Many of the newly poor are also living in regions which have little infrastructure to deal with it, particularly in the suburbs.
This map from the US Census Bureau three years ago illustrates how badly poverty had spread across our nation. Now the economic situation for many of us is even more dire, as the enormous wealth gap between rich and poor continues to grow even wider.
Billionaires Write Our Financial Rules
Last week Jon Stewart spoke with Nobel Prize-winning economist Joseph Stiglitz about how the extreme concentration of wealth in the hands of a few plutocrats is destroying the very principles upon which our country was founded. Stewart explains how the mega rich have the resources to hide their wealth in offshore tax shelters, as well as the financial influence to manipulate monetary regulations for their benefit:
”It seems like people are not angry at wealth or success, they get frustrated by what appears to be an entirely different set of rules put in place by the wealthy, who then say: ‘Hey man, I’m just playing by the rules’, as though those rules were an arbitrary design of the free market.”
In his new book, ”The Price of Inequality“, Stiglitz argues that the United States has now become the most severely unequal of all industrialized countries. Watch the entire Daily Show interview here:
|Exclusive – Joseph Stiglitz Extended Interview Pt. 2|