Alternet’s List of Victims of Capitalism

The 8 Groups in America That Are the Most Screwed-Over by Predatory Capitalism

Are political and corporate leaders even remotely aware of the conditions of society beneath the wealthiest 10% or so?

Photo Credit: Shutterstock.com/Portokalis

September 1, 2013  |

We live in a society that allows one man to make  $15 million a day while a low-income mother gets  $4.50 a day for food, and much of Congress wants to  cut the $4.50.

Are political and corporate leaders even  remotely aware of the conditions of society beneath the wealthiest 10% or so?

The following are some of the victims of an economic system that has forgotten the majority of its people.

Children

One out of every five American children now lives in poverty, and for black children it’s nearly one out of TWO. Almost halfof  food stamp recipients are children.

UNICEF places us near the bottom of the developed world in the inequality of children’s well-being, and the  OECD found that we have more child poverty than all but 3 of 30 developed countries. It’s rather embarrassing to view the charts.

Students

Over the last 12 years, according to a  New York Times report, the United States has gone from having the highest share of employed 25- to 34-year-olds among large, wealthy economies to having among the lowest. The number of college grads  working for minimum wage has doubled in just five years.

Higher education was cut by nearly  $17 billion in the years leading up to 2012-13. Through those same years large corporations were  avoiding about $14 billion annually in taxes. To make up the difference, students face tuition costs that have risen almost  ten times faster than median family income, leading them into their low-wage post-college positions with an average of  $26,000 in student loan debt.

The Elderly

Three-quarters of Americans approaching retirement in 2010 had an average of less than $30,000 in their retirement accounts. The percentage of elderly (75 to 84) Americans experiencing poverty for the first time  doubled from 2005 to 2009.

The folly of cutting Social Security is reflected in two facts. First, even though Social Security provides only an average benefit of  $15,000, it accounts for  55 percent of annual income for the elderly. And second, seniors have spent their working lives paying for their retirement. According to the  Urban Institute the average two-earner couple making average wages throughout their lifetimes will receive less in Social Security benefits than they paid in. Same for single males. Almost the same for single females.

[Continue reading here]

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