Tag: Super Committee
While the rich get richer and poor get poorer, the widening income gap may also be boosting wealth advisory businesses. The age-based wealth gap skyrocketed 47:1 in 2009 compared to 10:1 in 1984, Pew Research Center announced on Monday. Households led by an adult ages 65 or older had median net worth of $170,494 in 2009, compared to $120,457 in 1984, adjusted to 2010 dollars, for a gain of 42 percent. Households headed by an adult under the age of 35 had median net worth of $3,662 in 2009, compared with $11,521 in 1984: a decline of 68 percent.
The point here is to wedge the generations, to make young people angry and resentful at those supposedly horrible, "greedy geezers." Instead of supporting a country which cares about both the young and the old, AFP uses the circular firing squad approach to getting everyone to want to destroy each other. It's sick.
There are numerous reasons for our economic woes (and you know what they are), but that concoction is, well, bull. There is growing inequality, all right, but seniors are not the reason for it. Indeed older Americans have been devastated by the economy and are the least likely to ever find work again.
So what explains this supposed "wealth"? (Please follow below the fold.)
The Democratic Party has turned its back on the working and middle-class people of the United States once again in its recent "concession" to Republican members of the so-called "super committee" established to reduce America's debt by $1.5 trillion over the next decade. Democrats in the debt reduction committee have proposed cuts to the tune of hundreds of billions of dollars towards Social Security, Medicare, and Medicaid benefits. Not to be outdone, Republicans proposed even bigger cuts to these vital social programs.
Is it that our elected representatives don't "get it," don't care, or truly think they are the only ones who can put America's economic genie back into the bottle? As if the Occupy protestors needed anymore verification of their concerns, the latest political cop-out by the Democratic members of the super committee is an additional piece of irrefutable evidence. What's next, one has to wonder, eliminating benefits for wounded veterans?