You don't believe this? The Center for Labor Statistics has done an exhaustive study that makes clear that this is so. The study divides the American working population during the 4th quarter of 2009 into ten categories - deciles. Category 1, the lowest decile, consists of those making up to $12,499, and Category 10, the highest decile, consists of those making $150,000 or more.
It found that those in the lowest decile (up to $12,499) had an unemployment rate of 30.8% while those in the highest decile ($150,000 or more) had an unemployment rate of 3.2%. 30.8% is greater than the quarter of the total working population that was out of work during the Great Depression! And 3.2%? That's robust prosperity.
The rich are prospering more than ever before. The poor are living in "a third-world country."
And yet, Congress concerns itself with tax cuts; how much of a tax cut can you give a person who is making $12,500? Congress worries about loans to business; will any businesses receiving such loans hire these poor people? Congress is trying - or at least, it advertises that it is trying - to reduce the deficit; will a deficit reduction bring jobs to the poor?
No. No. No. To bring jobs to the poor that need it most the government must spend big on something like infrastructure programs that require lots of unskilled labor. If we do this, of course the deficit will increase. However, those of us suffering most will benefit. After we build a healthy economy we will be in position to do something about the deficit.
Why does Congress worry so much about credit, mortgages, taxes, investment, and deficits when the crying need is for jobs for non-skilled workers? Why is Congress so concerned with helping the rich who live in wild prosperity and does not seem to care about the poor who are jobless, helpless and homeless?
To solve a problem you must first define it. The problem today is not that we are in a Great Recession. NO. The problem is that those on the bottom of the economic ladder are suffering from the biggest depression in history and the rest of us, the relatively affluent, don't give a damn. If we did, we'd insist on Congress passing a big infrastructure jobs program.
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