Black People : Class Difference, a Growing Issue

Discussion in 'Black People Open Forum' started by Ankhur, Jul 9, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    About 4.7 million millionaires live in the U.S., four percent of the population and more than anywhere else in the world. Japan, China, Britain and Germany followed the U.S. in the number of millionaires.

    Their fortune is a stark contrast to the lives of more than 15 million people in the U.S. who are unemployed and searching for work, and the eight million more who are just getting by with a part-time job, according to the U.S. Bureau of Labor Statistics. More than two million more people were working prior to the recession but have now dropped out of the labour force.

    Apart from the newly unemployed, about 39 million people in the U.S. are chronically poor and do not have enough food to eat, according to the U.S. Census and U.S. Department of Agriculture.

    "The nation's jobs crisis is so catastrophic that, unless Congress acts on the scale of the New Deal, millions of Americans will experience extremely long periods of unemployment for many years ahead," Lawrence Mishel, president of the Economic Policy Institute, told a panel of the Committee on Ways and Means recently.

    Not so for millionaires and the uber-rich.

    The uber-rich, those with more than 30 million dollars, are on the rebound. They spent more money in 2009 on fancy cars, yachts and jets compared to 2008, according to a study by Merrill Lynch-Capgemini. They bought fine art, expensive jewelry, gems and antiques, items that are likely to increase in value over time, so they can sell them later and make more money.

    The recession isn't hitting those at the top as it has workers. In fact, many wealthy people benefited from the stock market's ups and downs, said Mike Lapham, director of the Responsible Wealth Project at United for a Fair Economy, an NGO in Boston.

    "Folks at the top have a cushion, a disposable income to fall back on. Maybe their portfolios took a hit but they didn't lose their jobs and their homes. If they had losses, they can deduct them from their taxes," Lapham told IPS.

    "Some people bet successfully on the financial system going under," he said. "The stock market went from 10,000 to 6,000 and back to 11,000. That's a big jump for people with significant portfolios."

    "The people at bottom who've lost work, it'll be years before they get back to where they were before the crash," Lapham said.

    The U.S. average national unemployment rate is 9.7 percent. Only those who are actively looking for work are included in this statistic. Among Black Americans, the rate is 15.5 percent and Latinos, 12.4 percent, according to the Bureau of Labor Statistics.

    The Congressional Budget Office predicts that unemployment will remain almost unchanged in 2011, about 9.5 percent.

    Many families have been surviving on small, weekly unemployment checks provided for 26 weeks by their state government, and an additional 73 weeks by the federal government. The first group of unemployed to run through both benefits hit that point Jul. 1, and today about a million people are receiving no assistance at all. About nine million more are still receiving unemployment payments.

    http://www.commondreams.org/headline/2010/07/09-2
     
  2. Bxblasta

    Bxblasta Well-Known Member MEMBER

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    Its to the point where its either you have it or you don't. There is no such thing as middle class anymore. It's either you belong somewhat in the upper or stuck on the bottom for the moment.
     
  3. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    Economy hardship
    I agree you just don't hear about middle-class anymore , you on top and living well
    or you living through these struggling walls of, america's hardship and trust me with
    so many out of work / looking for work and now kinda on the edge !
    society crime rate is rising ...
     
  4. kde

    kde Well-Known Member MEMBER

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    Being in the middle is certainly a precarious place to be right now. Never before have I felt as though my status was so tentative. As children, we are told to aspire to do as well as, if not better, than our parents (this is certainly a middle-class think); however, I am beginning to feel that I will never have what they have, even though I currently have the appearance of already being there.

    I have not had a raise in two years, despite stellar performance and superior performance reviews. These were mandated companywide in response to the recession. My IRAs took major hits over the past two years, and my balances stand at where they were when I opened the accounts about five years ago. I have a slow-going 401(k) and invest just as much as my employer matches.

    The only way out I see from a certainly less than ephemeral time table is to pay off all outstanding debt, but that's hard to do with a rising cost of living and compensation that is not keeping pace.

    It all seems like too much sometimes. Then, of course, to think of saving for a retirement and getting my children off to the best start possible in their early adulthood . . .

    My parents, who are Baby Boomers, really just don't get it. They have fully funded pensions, decently fared investments, etc. They really believe it's as simple as going out and getting a job with a company offers a pension, almost without realizing that that is an anomaly these days.

    I know more than a few people who are unemployed, underemployed or treading water.

    The game has changed, and I think people feel it, even if they cannot articulate it or have not yet been bitten by it.
     
  5. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    I couldn't agree more , we nearly under a state of emergency
    i too sit in your shoes and feeling every bit of the hit that has change my lifestyle
    and knock me below the norm status.
     
  6. Ankhur

    Ankhur Well-Known Member MEMBER

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    My concern is that among us of African descent, we do not become a new caste system amongst each other, instead of all of us forgetting economic,
    differences and pulling together when the excrement hits the fan in the ext few years.

    Here in NYC things look kind of scary

    Folks that used to be progressive are going for their own agendas and this **** charter school thing has created a desire for elitism, where Black parents in Harlem are at each others throats to get their children in schools that via a lottery will only allow 8% of the community to send their children.
    And the supreme irony is that Bloomberg has wealthy whites regentrifying, the communities,
    or living 3 and 4 to an apartment to pay high rents,
    and building million dollar condos, when the entire NY State lottery "was supposed to" go to education and educational improvement.
     
  7. Bxblasta

    Bxblasta Well-Known Member MEMBER

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    You have to remember also that Bloomberg also got an illegal third term. It seemed like New Yorkers laid down to this and kept about their regular lives. New York is completing its final phase of becoming a Jewish owned super power. The PTB's are deliberately raising the cost of living to force people out of their neighborhoods so the "wealthy" can come in and "rebuild" and take control of the land and property. I made the move down south and only plan on coming back up north to NY to visit fam, going back to living in NY is whole other story.
     
  8. Ankhur

    Ankhur Well-Known Member MEMBER

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    regardless of my prosperity I cast my lot with those who cannot afford to leave, but this is of course happening in all the cities and towns down there as well,
    in fact all 50 states
     
  9. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    I do agree it's in every state , yet how do we stop it or change the path is the question.
     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

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    What was the last/first or first last thing Morpheus said in the Matrix?

    Stay focused trinity

    what is the trinity in the Black community?
    1 Elders
    2 Adults
    3 Youth

    what and where is our collective focus? from one community to another?

    what is the trinity of the family unit?

    Mother, Father, Children

    what and where is the collective focus from famiy to family?

    If focus is o success then there will be successs but if there is no focus the the results are happenstance.

    Freedom, Justice and Equality;

    are businesses

    not empty slogan, and the attainment of them have to be approached as a business.
     
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