VERSIONS: روسيا اليوم NOTICIAS FREEVIDEO ИНОТВ RTД FIND US ON: YouTube Twitter
breakingnews
Go to main page   USA   News   Gap between rich and poor widens in US  
MORE ON THE STORY
25.06.2010, 12:11 42 comments

How the Russian soul can save the American Empire

Due to its unshakeable commitment to materialism and individualism, Americans now find themselves passengers on a spiritual shipwreck that perhaps only the Russian soul can salvage.

15.10.2010, 10:52 2 comments

Rural Russian traditions: source of fun and food

The rural way of life is close to the hearts of many Russians and foreign tourists alike. For some in Velikiy Novgorod, hunting wild animals and berries is not only fun, but the main source of income.

25.10.2010, 08:47 1 comment

Trash staring Muscovites in the face

Moscow knows it lags behind many other capitals when it comes to taking out the trash. But a lack of recycling infrastructure is forcing environmental protection up the priority list.

09.10.2009, 15:01 25 comments

What I like about you: what keeps foreigners in Russia?

The Motherland may be suffering from runaway inflation, alcoholism, strangling red tape and a host of other afflictions, but this hasn’t stopped foreigners from queuing up for their Russian visas.

10.02.2010, 03:23 27 comments

A good black man is hard to find

Thirty-four-year-old Kandy Phillips knows what she wants in a relationship, but she’s still missing a key ingredient – a good man.

RIA Novosti 24.07.2010, 15:18 12 comments

Putin joins biker fest

An annual motorbike festival taking place in the Ukrainian city of Sevastopol has seen a surprise visitor. Russian Prime Minister Vladimir Putin has turned up, riding a Harley Davidson Trike in front of the participants.

12.09.2010, 10:52 13 comments

American converts to Islam defy stereotypes

Protesters for and against the construction of a mosque near Ground Zero have clashed in New York on the anniversary of 9/11. Despite recent tensions in the US, some Americans are choosing Islam as their religion.

05.01.2010, 09:07 10 comments

Fur-coats: the divisive must-have for Russian women

Regardless of how cold it gets, the streets of Russian cities in winter are reminiscent of a fur fashion catwalk, with a kaleidoscope of women in pelts of all sizes, colors and designs.

Dmitry Medvedev (L) and Vladimir Putin (RIA Novosti  / Pool) 04.01.2010, 02:33 9 comments

A healthy resolution: Putin and Medvedev ski into 2010

As Russians continue celebrating the New Year, the country's leaders are determined to set a healthy example.

19.04.2010, 08:26 8 comments

Hitler’s “Mein Kampf” on India’s best sellers list

The book that outlined the political ideology of Nazi Germany has found an audience in India. Hitler’s “Mein Kampf” is banned in countries that suffered from fascism, but New Delhi booksellers are enjoying strong sales.

Gap between rich and poor widens in US

Published: 27 October, 2009, 09:13
Edited: 04 November, 2009, 16:30

(17.1Mb) embed video

TAGS: Lifestyle, USA, Economy


Barack Obama has called on US banks to return a favor to Americans. He wants more lending to small businesses as a “thank you” for being bailed out. But average Americans are seeing just seeing the rich getting richer.

Wall Street is rising from the ashes and consumption of luxury items is resuming.

Real estate agent Alon Chabad is selling Manhattan’s second most-expensive apartment. The two-floor, nine-bedroom apartment is on the market for $13.5 million.

High-end real estate sales in the Big Apple went rotten at the start of the recession. But with a bailout here, and some government assistance there, tables have turned.

“I see much more serious people coming into the table if it’s for a $2 million apartment or a $5 million apartment, or even a $13 million apartment,” Chabad said.

“It’s because things are looking better. We see a lot more confidence. It’s also because a lot of companies made a lot of money during this recession,” he added.

Wall Street banks bailed out by US taxpayers are profiting. Employees reaping rewards through financial bonuses are reigniting the sales of yesteryear.

The rich are once again are spreading their fortunes. However, cash is not necessarily trickling down to the bottom. 29 million Americans are searching for full-time work, while foreclosure activity throughout the country has hit a record high.

Queen’s is New York City’s foreclosure capital. Walking through the borough, the depth of devastation is visible on nearly every block.

Helen Maxwell is one of many foreclosure prevention counselors providing free assistance to an endless list of New Yorkers who are afraid of going homeless.

“We’re in the eye of the storm when it comes to foreclosures,” Helen explained.

“People constantly are knocking our doors and the phone never stops ringing. So it’s been pretty devastating,” she added.

While Goldman Sachs reports historic profits, more than 930,000 foreclosure applications have been processed in the past three months. So struggles facing common folks are far from over:

“My biggest concern right now is that I want to find a way out to pay off this mortgage,” one local resident told RT.

The gap between rich and poor is visibly growing much wider.

Author Les Leopold says financiers began looting the country in the 70’s, as productivity rose, and salaries didn’t.

“In 2007, those people who reported incomes of ten million dollars and over (there are 18,000 such people), they had as much income as the bottom 35 million people,” Leopold explained.

“And those reporting a million or more in income had as much income as half the population,” he added.

“It’s getting worse now because the 29 million unemployed and underemployed are their using up their resources and the prospects of finding jobs now is very difficult,” he concluded.

Leopold says America has turned into a billionaire bailout nation, as the poorest sink deeper into debt. So, when Wall Street delivers a good forecast, the sunshine may all depend on where you stand.

And trend forecaster Gerald Celente says that record profits for US corporations come at a great cost for the country in general.

+15 (19 votes)
 
Back to top
next MORE NEWS
27.10.2009, 09:01 1 comment

Georgian troops readied for Afghan mission

In Georgia, NATO-led military exercises are preparing troops to operate in Afghanistan. The first Georgian soldiers head to the conflict zone within weeks.

A soldier prepares to board a Chinook helicopter arriving at Combat Outpost Zerok in East Paktika province in Afghanistan (AFP Photo / Getty Images) 27.10.2009, 10:13 2 comments

“Obama can’t stand up to Pentagon”

The political situation in the US is such that the president isn’t strong enough to stand against the Pentagon, said political commentator and author Pat Buchanan who spoke to RT on the situation in Afghanistan.

Nancy L. Perry November 04, 2009, 12:57
0

I am not a middle class American. I still only make a little over eight dollars an hour and I truly do feel the stress of trying to make it like so many americans today. I have a sick brother and my gas and electric are very difficult to maintain even with his small monthly income. I hope that this does not last very much longer or there are going to be even more people hurting . President Obama please help us.

Jeff October 28, 2009, 04:16
0

That sound you keep hearing, you know, the one that's getting louder...? That's the sound of angry citizens sharpening their pitchforks and grumbling about quid pro quo inside the belt. Glad I'm not a CONgressman.

Sarah October 27, 2009, 14:54
0

Let me peer into my crystal ball in a nonarrogant but angry way. The wars will continue to drain us. Since our economy is based off of war and Hollywood, this is bad because the balance is off. Civil unrest will grow in this country and the military will have to deal with it, which will suck all the troops from the Middle East.