The Oligarch Recovery – Low Income Americans Can’t Afford to Live in Any Metro Area

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

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We were told we needed to bail out Wall Street in order to save Main Street. Well the results are in…

Wall Street has never done better, and Main Street has never done worse.

From the Huffington Post:

Low-income workers and their families do not earn enough to live in even the least expensive metropolitan American communities, according to a new analysis of families’ living costs published Wednesday.

The analysis, released by the left-leaning Economic Policy Institute, is an annual update of the think tank’s Family Budget Calculator that reflects new 2014 data. The Family Budget Calculator is a formula designed to determine the income “required for families to attain a secure yet modest standard of living” in 618 different communities across the country that the U.S. Census Bureau defines as metropolitan areas. The formula uses data collected by the government and some nonprofit groups to measure costs of housing, food, child care, transportation, health care, “other necessities” like clothing, and taxes for families of 10 different compositions in these specific locales.

The updated Family Budget Calculator shows that even the most affordable metropolitan areas in the country are beyond the reach of millions of American families with incomes above the official federal poverty level. The official federal poverty level for a family of two parents and two children in 2014 was $24,008, according to the EPI. But the least expensive metropolitan area in the country for this family type is Morristown, Tennessee, where a family needs an income of $49,114, according to the Economic Policy Institute’s budget calculator.

The Economic Policy Institute also estimates that minimum-wage workers — who almost universally earn less than the federal poverty level — lack the income needed to make an adequate living in any of the communities surveyed, even if they are single and childless. The think tank notes that this includes minimum-wage workers living in cities or states with a higher minimum wage than the federal minimum of $7.25 an hour, or $15,080 a year for a full-time worker.

Even families with incomes closer to the middle of the earnings spectrum lack the means to maintain an adequate standard of living. The nation’s median household income was $51,939 in 2013 — the most recent year in which data were available — not much higher than the cost of living in the relatively inexpensive Morristown.

Where’s our hero when you need him?

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  • Thomas

    State, city, municipal, and federal workers are the new middle class.

    • berger friedrich-wolfgang

      Love , to Read this “Resignative Darwinian NONSENSE” !!! The ROOT CAUSE for Current Global DISASTER , is not the fatal truth of a pseudo-scientific ASSERTION , But the “INABILITY” of the Democratically Elected American GOVERNMENT , to Command All of the “Super-national CORPORATIONS” !!!

  • nomadfiles

    Wall Street bail out. The first in a long line of Obama betrayals.

    • MrLiberty

      Sadly the bank bailout received significant bi-partisan support despite nearly every congressperson receiving calls and letters from their constituents that ran roughly 95% against. The Federal Reserve, the culprit in all of these crimes, is supported by BOTH major parties with only a handful of opponents in congress. If you want to feel betrayed, blame both major parties who have been betraying this nation and our economy for 150+ years (most especially since the creation of the Fed in 1913 along with the passage of the 16th Amendment (Income taxation) that same year.

    • It was the whole government central government Bureaucracy, and not just Obama. View these because these are the criminals of for and by the Banksters!

      Barney Frank in 2005: What Housing Bubble?

      A speech by Barney Frank on the House Floor in 2005 where he refutes any concern about a housing industry bubble and advocates for the government to continue expanding home ownership.

      How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter

      • Rocky Racoon

        Considering how many homeless people their were before and after the crisis I would say their is a housing shortage….affordable housing that is. Capitalism does not work. Time for a post capitalist society.

  • August 31, 2015 5 Trends That Are Shredding the Global Economy

    The next period of risk-off will last a lot longer than a few months. When stock markets free-fall 10+% in a matter of days, it’s natural to seek some answers to the question. Here is Brazil’s stock market, which has declined 54% in the past 12 months.

  • Aug 26, 2015 Jim Grant: The Fed Turned the Stock Market Into a ‘Hall of Mirrors’

    “Confoundingly to me, people have come to be quite accepting of the value attached by fiat to these pieces of paper we call currency,” says Jim Grant, who’s the editor of Grant’s Interest Rate Observer and the author of The Forgotten Depression: The Crash That Cured Itself.

  • JerseyCynic

    Stephen Ross: The Billionaire Who Is Rebuilding New York

    “……Armed with a $10,000 loan from his mother, the young transplant jumped into the one area of real estate where a strong New York family name and copious amounts of capital weren’t necessary to get started: affordable housing. It was almost 100% government financed and, thanks to his tax background, he was able to drum up more money syndicating and selling the tax shelters that ­accompanied the projects to wealthy ­investors.

    By 1980 he had built 5,000 affordable housing units. That same year his fledgling company teamed up to develop a tract on Manhattan’s East Side, Riverwalk. Ross’ name hit the front page of the New York Times, and he was off and running. Over the next 18 years he expanded into office development……..

    he’s now worth 6.2 Billion

    hey! he’s gonna throw in “a mixture of affordable housing” in his 12Billion dollar project

    and mayor bill is gonna “try” to get all prospective workers a living wage!!!!

    (enjoy the long intro!!)

  • mark

    Heard of the one percent tax? One percent of the net worth of the One percent. A beginning towards mutuality and sharing.

  • Rocky Racoon

    The fundamental problem with capitalism is that everything is subordinated to the predatory struggle to maximize private profit-the measure human wealth in terms of “surplus labour appropriated” even as capitalist production requires less and less living labour as a technical input to production. The full promise of labour saving technology cannot be realized by a system governed by the class appropriation of labour. Warren Buffet gets it. He said “there is a CLASS WAR going on and HIS side is winning…” Time for a post capitalist society.

  • berger friedrich-wolfgang

    Interestingly , the “Out-of-Perception” – Being FACT , that there is NOWHERE on the PLANET , a NATIONAL BANK , not OWNED & DIRECTED by the “City of London” ROTHSHIELDS , Never is Mentioned !!! — On “Co-Creating our Future on Planet Earth” List of Banks owned by the Rothschild Family