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Why is US poverty level so high? People in NYC point their blaming finger

Published: 26 September, 2010, 09:58
Edited: 01 October, 2010, 20:17


Who or what is to blame for the growing level of poverty in America, which already is at its highest in over 50 years? Lori “The Resident” Harfenist has been assessing people's views on the current US economic situation.

 
7 COMMENTS
PR101 September 26, 2010, 16:29 quote
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I think RT endless reports of U.S internal social and economic malaise is hot air since the U.S can command Russia’s foreign policy at the drop of a hat!

Larry September 27, 2010, 04:19 quote
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I 'm always amused when New Yorkers are allowed to comment on the state of the US economy without acknowledging Wall Street's blatant abuse of the mortgage fiasco...New York's financial institutions and media empires are the epitome everything disturbing about the US... Financial Pyramid schemes emanating from Wall Street in NYC have crippled the US economy twice ...(three times if one includes the "dotcom" fiasco)..New York is a city that has abused the slave labor of fresh immigrants in sweat shops throughout its history, harbored some of the wealthiest robber barons, sold out to the imperial British during the Revolutionary war and in general has produced nothing beneficial to the US economy other than financial schemes, fashion, advertising, media trends and other such non quantifiable commodities. New Yorkers are also famous for literally stepping over the destitute on their way to shop at Macy's. The other obvious financial drain is that the US is leveraged to the hilt in foreign policy expenditures controlled largely by secret, unaccountable CIA secret 'intelligence' funds. Afghanistan, Pakistan, Turkey, Egypt, Bosnia, Kosovo, all the gulf states & Iraq are hopeless money pits that seem to benefit only the obscenely rich Saudi aristocracy and the NATO mercenaries attached to them.The Middle East is mired in an endless dance of corruption and self-destruction that threatens to suck the life out of the American economy. The US middle class has ended up the cash cow since the wealthy Americans have gone global to shelter their fortunes....and the cow is dying now that multi-national corporations have laid them all off..

Enrique September 27, 2010, 05:46 quote
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But it is not the same people "under poverty line" in the U.S. as in Russia because a great part of people who are middle-class in Russia would be considered poor in America according to their income and wages...

MEJanssen September 27, 2010, 06:56 quote
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Enrique, one big difference between Russia and the USA is that the middle class in Russia is growing, while in the USA it is shrinking. If there are no changes, then the USA future looks dismal compared to Russia's. We are meeting in the middle of the graph but going in different directions. The mistake American pundits make: they notice Russia is not going the same way as the USA and then they say Russia is going "backward".

Sarah September 27, 2010, 10:19 quote
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Enjoy cleaning the "graveyard" of our nation. Blame yourself. Then watch what happens when you try to take control of anything, including your own life.

john September 27, 2010, 10:30 quote
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Part1 Low productivity of capital is the main reason Imagine this example. Every month, money collected from employees in form of pension contribution, insurance premiums and medical contributions finance construction of a highway. And this is 90% of investment capital. Assume that every $1 billion builds 10 km of that highway. So the length of the highway grows in proportion to money spent. Now assume there is a panic of some kind and 50 km of that highway disappears. Then another $10 billion adds 100km and another panic removes 70 km. And so on,… In the end we may state that many of this investment produced nothing. That money was simply dumped producing no tangible assets neither any return to investors. This may be seen as ludicrous. It is used here only as an example. In real world that will not happen to a highway but it happens on the stock exchanges. Too much money is being dumped there producing no returns, creating no productive assets, no jobs, but causing stock price inflation and being wiped out from time to time. This is colossal waste and THE NUMBER ONE REASON FOR CURRENT CRISIS. US data confirms that. Over the last 30 years the pace of US debt increases is faster than the pace of increases in GDP. What leads to conclusion; THE US ECONOMY IS UNABLE TO SUSTAIN ITSELF. Let’s look at the well known example. Warren Buffet, great American hero, the asset manager, investor who invested hundreds of billions of dollars of his clients’ money. • How many jobs he created? • How much did he contribute to the US GDP? • How many fixed assets did he build? Nothing to talk about!

Reid Campbell October 01, 2010, 17:17 quote
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Larry is right, I think NY passed Las Vegas long agaio as the gambling capitol of the US. What all people need to start thinking about changing is the Federal Reserve. We as a country will never prosper again under the thumb of a privately owned Federal Reserve making money out of paper and promises and lending it to our government at interest! It just cannot continue to work! ( at least to work for the people). Quotations "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs". Thomas Jefferson.

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