Welcome to 1930s

[vbo man]

http://www.nytimes.com/2010/02/21/business/economy/21unemployed.html?hp

The New Poor - Despite Signs of Recovery, Long-Term Unemployment Rises - Series - NYTimes.com

   BUENA PARK, Calif. -- Even as the American economy shows tentative signs of a rebound, the human toll of the recession continues to mount, with millions of Americans remaining out of work, out of savings and nearing the end of their unemployment benefits.

   Economists fear that the nascent recovery will leave more people behind than in past recessions, failing to create jobs in sufficient numbers to absorb the record-setting ranks of the long-term unemployed.

   Call them the new poor: people long accustomed to the comforts of middle-class life who are now relying on public assistance for the first time in their lives -- potentially for years to come.

   Yet the social safety net is already showing severe strains. Roughly 2.7 million jobless people will lose their unemployment check before the end of April unless Congress approves the Obama administration's proposal to extend the payments, according to the Labor Department.

[vbo man]

Now, she is one of 6.3 million Americans who have been unemployed for six months or longer, the largest number since the government began keeping track in 1948. That is more than double the toll in the next-worst period, in the early 1980s.

..."We're looking at the very real possibility of being homeless," she said.

...Labor experts say the economy needs 100,000 new jobs a month just to absorb entrants to the labor force. With more than 15 million people officially jobless, even a vigorous recovery is likely to leave an enormous number out of work for years.

...Some labor experts say the basic functioning of the American economy has changed in ways that make jobs scarce — particularly for older, less-educated people like Ms. Eisen, who has only a high school diploma.
...Large companies are increasingly owned by institutional investors who crave swift profits, a feat often achieved by cutting payroll. The declining influence of unions has made it easier for employers to shift work to part-time and temporary employees. Factory work and even white-collar jobs have moved in recent years to low-cost countries in Asia and Latin America. Automation has helped manufacturing cut 5.6 million jobs since 2000 — the sort of jobs that once provided lower-skilled workers with middle-class paychecks.

[vbo man]

All I wanted to do was vomit when I saw this.

Folks, there is no way we can have economic prosperity in this country when the top 1% has all of the money. The middle class is basically being destroyed right in front of our very eyes. Consumption economies die when the consumers have no money to consume!

I see growing signs of desperation and anger as the wealth of this nation continues to get transferred to the elite of this nation.
...the disparity of wealth in this chart would look even worse if it included 2009.
...