The United States is now witnessing the greatest gap between rich and poor in the history of record keeping since the 1960s!
The top 20 percent of Americans, earning more than $100,000 a year, had nearly 50 percent of all income, compared with 3.4 percent earned by those considered poor, about 14.5 percent. This nation has the greatest difference in this regard of any Western industrialized nation!
Young adults 18-34, who have lesser skills, are being ignored by employers who prefer higher skilled, more motivated older adults. This is a major crisis for the long run, as to how these people are to function in society in the long run! 🙁
The poverty rate for a family of four in 2009 is just below $22,000 a year! Meanwhile, the top five percent earn more than $180,000 a year!
The Great Recession has, of course, worsened these income statistics, and it is hard to imagine any great turnaround at any point in the near future! 🙁
The question is what should be done by government about this horrible gap, which has been exacerbated by the Republican control of Congress from 1994-2006, and the eight years of the Bush II Administration!
If the decision is to do nothing, a conservative viewpoint, how much worse can it become without a violent reaction? One has to wonder! 🙁