Zero Hedge
July 29, 2013
Despite consumer confidence at a six-year high, the latest AP survey of the real America shows a stunning four out of five U.S. adults struggle with joblessness, are near poverty, or rely on welfare for at least parts of their lives amid signs of deteriorating economic security and an elusive American dream. Hardship is particularly on the rise among whites, based on several measures. Pessimism among whites about their families’ economic futures has climbed to the highest point since at least 1987.
“Poverty is no longer an issue of ‘them’, it’s an issue of ‘us’,” as ‘the invisible poor’ – lower income whites – are generally dispersed in suburbs (Appalachia, the industrial Midwest, and across America’s heartland, from Missouri, Arkansas and Oklahoma up through the Great Plains) where more than 60% of the poor are white.
More than 19 million whites fall below the poverty line of $23,021 for a family of four – accounting for more than 41% of the nation’s destitute – nearly double the number of poor blacks and as one survey respondent noted “I think it’s going to get worse.”
…Hardship is particularly on the rise among whites, based on several measures. Pessimism among that racial group about their families’ economic futures has climbed to the highest point since at least 1987. In the most recent AP-GfK poll, 63 percent of whites called the economy “poor.”
…
“If you do try to go apply for a job, they’re not hiring people, and they’re not paying that much to even go to work,” she said. Children, she said, have “nothing better to do than to get on drugs.”
…
Economic insecurity among whites also is more pervasive than is shown in government data, engulfing more than 76 percent of white adults by the time they turn 60, according to a new economic gauge being published next year by the Oxford University Press.
All this despite Jack Lew’s insistence on this morning’s Meet The Press that this recovery is ‘not anemic’, six year highs in consumer confidence, and all-time-highs in US equity markets.
Perhaps it is worth reiterating the question that Rick Santelli asked before?
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