A terrible trend, no one wants to address in the
main-stream financial media! A
new poverty survey/estimate seeking to analyze the nationwide impact of
government shut-downs, relief measures which expired just at the end of last month has found that past months of 2020 marked the sharpest rise
in the US poverty rate since the 1960’s. The study recently released found
that the poverty rate increased by 2.4% during the second half of 2020, this
data follows the rise seen last spring and early summer due to the Covid-19
rolling lockdowns in various parts of the country. Sadly, this data point
suggests that an additional 8+ million Americans being dropped into a newly
poor zone/level, nearly double the largest annual rise in poverty in
over 50+/- years and the financial media wants us to believe their hype
that all is well? The authors of the study further found that Black Americans
were among the hardest hit, and more than twice as likely to fall below the
poverty line as White Americans (no color disparity, here right?) The researchers
found that the stimulus checks the government issued in the spring helped
forestall the poverty rate from rising even faster and further!
If you remember that in late
December, $900 billion in additional federal relief aid was passed, and Uncle Joe
Biden our new Commander in Chief is asking Congress for an additional $1.9
trillion in bailout stimulus.
The US trend over the past (6) months is also echoed in
global data showing high and rising Covid19 fueled poverty across much of the
world. In a recent
Oxfam study which also sought to assess the financial impact of the
pandemic up to 500 million people globally have been dropped into poverty
level/zone, while at the same time the world's 10 richest men made a
combined $540 billion over the same time frame (no wealth inequality here
now is here ☹ ?) Oxfam is calling it evidence
of the “greatest rise in inequality since records began.?
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