Monday, July 13, 2020
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U.S. Headed Toward Third-World Status

Economic data suggests the United States is slipping toward the status of a Third World nation as wealth becomes more concentrated in the hands of the richest 1%.

If fundamental changes are not made the U.S. could become a post-industrial, neo-Third-World nation as early as 2032 if the embattled middle class continues to slip into poverty.

American families are working harder than ever before, with both spouses now firmly in the workplace in most households, but real household incomes have slipped to 1996 levels. One in six Americans now lives in poverty and one in eight is dependent on food stamps.

Overall household wealth in the United States has fallen by $7.7 trillion, thanks partly to the housing crisis and current economic slowdown. Meanwhile, the rich are growing richer with the wealthiest 1% tripling their household incomes from 1979 to 2007. They're also demonstrably over-represented in the ranks of our elected leaders - increasing the social gap between those who make policy and those who shoulder the burdens of those policies.