Their Economy and Ours

The U.S. Census bureau released a set of statistics last week showing the level of poverty in the United States. The year 2011 has been the worst for decades, with some of the highest unemployment and poverty levels in 30 years. But this isn’t the story for a few in America – the wealthy elite and the corporations are doing just fine. Their economy is booming while the rest of us suffer!

The Rich Get Richer

  • The richest one percent of the population owns 40% of all the wealth in the US.

  • Between 2001 and 2006, the top one percent of the richest people in the US made 53% of all gains in income.

  • U.S. Banks made a total profit of $29 billion in the first quarter of 2011 – that’s a 66% increase from 2010.

  • The top 0.1% of Americans make more than one trillion dollars income annually.

  • In 2010, banks and corporations together made the largest profits ever recorded in U.S. history, over $1.68 trillion.

  • In 2010 bank profits totaled over $76 billion, the highest since 2007.

  • The top five percent of income earners accounts for about one-third of spending.

  • Sales of Manhattan apartments worth $10 million or more tripled in 2007.

The Rest of Us Suffer

  • About 15 million Americans are officially unemployed – the highest amount in 30 years.

  • One third of Americans live below the poverty line – less than $11,000 per year for an individual, or $22,000 per year for a family of four. This includes 16.4 million children.

  • The amount of work each worker does in the average workday has increased by 18 percent since 2008, the highest increase since 1947. Meanwhile workers get paid only seven percent more in income.

  • In 2010, 59 million people in the U.S. went without health care.

  • There were over 2.17 million foreclosures on homes in 2011.

  • There is an average of six vacant units for every homeless person in the United States.