This is stark and realistic….is this what we want our country to become….? I guess anything is better than socialism, though.
watch the video:
Macro economic data suggest the great recession is over. But the gap between the haves and the have-nots is growing, thanks, in large part, to a jobless recovery. Wall Street Cheat Sheet’s Damien Hoffman says the growing underclass now accounts for about 10% of the U.S. population.
In this clip, he and his brother Derek, point to several signs America is turning into a two-class society:
- — The foreclosure problem. 2.8 million homes were foreclosed in 2009. RealyTrac expects that number to increase to 3-3.5 million in 2010. Damien Hoffman thinks it could be even higher if “strategic foreclosures” become a more accepted practice.
- — Unemployment. The official rate is 9.9% but the wider measure of under employed and those who have given up on their job search is more like 17%. That’s more than 24 million Americans out of work.
- — The Agriculture Department said a record 40 million Americans, or 1 in 8 Americans, may not be able to eat without government assistance. “This is the ultimate sign of an under class,” the Hoffman Brothers say.
If that’s not enough, take a look at Dollar Tree Stores. The discounter’s stock is near an all-time high while revenues are up 12.5% this year. In other words, more Americans are chasing cheaper goods.