Tuesday, January 11, 2011
Just consider the following statistics. Even as the economic suffering of ordinary Americans continues to deepen, those who got big piles of bailout money are living the high life....
#1 According to Stephen Lewis of Monument Securities, luxury retailers in the United States have seen an 8.1 percent increase in sales compared to a year ago, while "discount stores" that cater to the poor and the middle class have only seen a 1.2 percent increase in sales compared to a year ago.
#2 The sad truth is that just about every company that deals in luxury goods is booming, while those that primarily serve ordinary Americans are not doing nearly as well.
#3 Elderly Americans in particular are really having a hard time of it right now. A recent study by a law professor from the University of Michigan found that Americans that are 55 years of age or older now account for 20 percent of all bankruptcies in the United States. Back in 2001, they only accounted for 12 percent of all bankruptcies.
#4 The number of Americans on food stamps has hit another all-time record. There are now 43.2 million Americans enrolled in the food stamp program.
#5 According to the U.S. Conference of Mayors, visits to soup kitchens are up 24 percent over the past year.
#6 Meanwhile, the price of food continues to go up. This hits poor and middle class Americans much harder than it hits the wealthy. According to a report on 55 top food commodities by the Food and Agriculture Organization, global food prices reached a new record high during December.