The way the figures of the unemployed keeps growing, and household incomes keeps declining, the fear is that the recession is widening the gap between the haves and the have-nots. The recession is hitting the middle-income families and poor families alike. Income is declining at all levels, but they seem to be feeling it the hardest. Median incomes fell last year from $52,163 to $50,303. that wiped out a decade worth of gains to hit the lowest level since 1997.
Poverty jumped up to 13.2 percent, which is an 11 year high. More and more homes are being fore-closed, putting families into shelters seeking help, as the breadwinner of the family no longer even has a job. Even top management jobs are being dissolved, as companies fold and go bankrupt. But the disparity between the working and the unemployed keeps increasing. The wealthiest 10 percent of Americans-those that earn more than $138,000 each year-earned 11.3 times the $12,000 made by those living near or below the poverty line in 2008, according to the latest census figures.
Those that live in the big cities suffer the most inequality, due to the large increase over the years of the middle-class flight to the suburbs. Many workers have lost their jobs due to companies outsourcing their products. Income inequality has continued to worsen in the major cities, although many rural and farm communities have suffered because of imports coming into our country from elsewhere.
Many Americans are realizing that if they have a job, it is best to hold on to it as long as they can, in hopes the economy will start to turn around. People are seeking ways to cut back, and conserve. They are vacationing closer to home, carpooling to work, going to restaurants fewer times, budgeting their paychecks by eating more economically, and spending more wisely.
But, Americans have gone through hard times before, and we can all do it again. We can’t get depressed, but just think of more ways to overcome this setback. If our grandparents or parents could make it through the Depression, we can too. But, of course, the plea on many people’s lips is …..”Please, just give me a job”.
Helen L. Price
Excerpts taken from article by Hope Yen Associated Press
Tags: Helen L Price
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