The Writing Is On the Wall
Book Excerpt, Monopoly, pages 13 - 16
Unlike the politicians, political pundits and media that speak out the back of their head with generalities, glowing speeches, promises that can’t be kept, sound bites, party politics, inflammatory rhetoric and enough smokescreens to confuse any American — this book is about the data and the facts. What you may currently think, or what someone may say are meaningless unless backed up and validated by the facts, the data and statistics.
The phrase “writing is on the wall” is derived from the biblical story where an actual hand and fingers were seen writing on a wall by a king. As the story goes, the king didn’t listen and paid the price. No matter how blatant the hand writing, it seems that throughout history, mankind will deny the obvious and cling to the familiar until it’s too late to reverse course. Unless America can read the handwriting now on the wall and turn the wheel now, the prospects for America’s economic future, most especially for the middle-class, are dismal. The numbers, evidence and statistics herein are so overwhelming and compelling to mandate a radical course reversal that the simply cannot be denied.
Right now, “the writing is on the wall” for every single American [outside of the very top percentage of the mega-rich] couldn’t be more clearly written. The following bullet point numbers, statistics and realities are intended to provoke thought, exploration and most importantly . . . compel your actions going forward. The following are documented facts. They are not created and put out by some political party or candidate, they are not fear mongering, they are not propaganda and just like every statistic herein — they are footnoted in the hope that you will check out each one if you have any doubts whatsoever as to their veracity.
- In exchange for a lifetime of toil and hard work by our parents, as well as previous family generations, 91.9 percent of Americans receive nothing, zero, not a dime of inheritance when their parents’ estate is settled. A mere 1.6 percent receive more than $100 K and 1.1 percent receive more than $50 K. Since that adds up to 94.6 percent of the population it means the 5.4 percent at the top of the American food chain get all the outstanding billions in inheritance dollars.1
- The bottom 90 percent of Americans own a grand total of 10 percent of all the stocks, bonds, trusts and business equity in America and only around 25 percent of the non-home real estate.2
- With inflation calculated, an America making $25 K in yearly income during 1979 would have to now be making $75,313 to have held their financial ground.3 That’s an increase of 331+ percent, yet the average American income for entire households (not individuals) rose only 50 percent between 1979 and 2006.4 For seven straight years leading up to the beginning of the Great Recession (2000 to 2007) actual inflation adjusted income for 90 percent of Americans declined.5
- Between the start of the Great Recession and June 2011, median household income in the U.S. fell 9.8 percent and after the “official end” of the Great Recession, between June 2009 and June 2011, the inflation-adjusted median household income fell another 6.7 percent.6
- In 2009, 1 in every 160 Americans filed bankruptcy and the 2010 numbers rose 9 percent to 1.4 million.7
- The fall in employment from 2007 levels will cost U.S. workers more than $1 T in lost wages/salaries during the five year period 2008-2012.8 America is experiencing the highest long-term unemployment since 1948.9
- American families lost a total of $19.4 trillion (in 2010 dollars) in household wealth from June 2007 to March 2009. As of Q1, 2011, only somewhere around $6 T of that lost wealth has been recovered.10
- As of May 2011, more than 5 million homes have already been repossessed since 2006.11 More than 1 million American homes were repossessed in 2010 with 1 in every 45 homes receiving a foreclosure notice (2.9 M). As of June 2011, there were more than 2+ million homes in “active foreclosure” and another 2+ million waiting in the wings.12 As of July 2011, analysts are predicting another 5 to 7 million homes will be repossessed before the carnage ends.13
- Between June 2007 and March 2009, American families lost $6.4 T in home value alone.14 Home values plummeted 32 percent between 2005 and 2011.15 As of May 2011, nearly 14 million people, 28.4 percent of all homeowners owe more on their mortgage then their home is worth (a.k.a. underwater) and half of those homeowners are more than 30 percent underwater.16 Analysts now project that the percentage of home ownership will fall to around 63 percent before we bottom out (circa the mid-1960s rate of homeownership).17
- Approximately half of all American workers have less than $2000 saved for retirement.18 As of 2008 corporate pension plans in America were under-funded by an estimated $217 billion.19 State government pension plans are under-funded by $3.2 trillion. In 2010, for the first time ever, the Social Security system paid out more in benefits than it took in via payroll taxes.20 When Social Security is combined with Medicare, projections for the next 75 years indicate the programs are under-funded by $46 trillion.21
- Nationally 14 percent, 43.6 million, 1 in every 7 Americans are now living below the poverty line which is $21,954 for a family of four. Suburban poor grew by 37.4 percent since 2000 to account for 13.7 million Americans. The number of poor people living in the suburbs now exceeds the number living in cities by 1.6 million.22 More than 41 million Americans are now on food stamps.23 A number that represents 1 in every 7 Americans the highest number and percentage in America’s history.24 Medicaid enrollment as of 2010 surpassed 68.2 million, also the largest number in America’s history.25
- Between 2005 and 2009, inflation adjusted median net worth fell 66 percent among Hispanic households and 53 percent among black households compared to a mere 16 percent among white households — 2011 median net worth by race was $113,149 for whites, $5,677 for African Americans and $6,325 for Hispanics.26
Alarmed? Shocked by these numbers and statistics? If not, then you already knew them or you’re living large, untouched yet by the massive decline in American prosperity. If any group needs awakening it’s the “as yet untouched” who are living in denial with their heads in the sand. There are many more statistics and numbers to follow because everything herein all about exposing the reality as opposed to what is being said in political and corporate circles.
Many reading these statistics and numbers will assume they know what’s coming: another “bleeding heart socialist liberal” talking about all the perils of the free enterprise system. Big surprise, you’re not even close, not even warm!
Read more, order your free evaluation (draft) of Monopoly at: http://theresistancejkl.blogspot.com/
Tags: Economy , Poverty , Middle-class , Jobs , Wealth Disparity , Occupy
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