Wednesday, September 16, 2015

As the Fed weighs the merits of raising interest rates, poverty in America now at record levels

With a former tech giant announcing yesterday that they are laying off another 30,000 skilled workers, the writing is on the wall for just how much the economy has really recovered since 2008 under the great Fed experiment.  And while the central bank sits right now in a closed door meeting one day before they are to announce their most important policy direction in over five years, the fact of the matter is that whether they do or don’t raise rates will be a meaningless gesture to the over 46 million Americans who have not seen a drop of the vast trillions which have been poured into the economy over the past seven years, and who are a part of a record number of Americans living in poverty.
In addition to new poverty numbers released today by the Census Bureau, the median income for American households has also fallen back to levels not seen since 1989, when interest rates back then were above 10%, and the ability to afford a home and education were much more easily accessible.

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