Poverty in America, the Bailout, and You
One in eight Americans, or over 40 million, were considered below the poverty line in 2007, before the current economic crisis and bailouts. The poverty level is considered an income of $19,125 for a family of four. This percentage is the highest level of poverty of any developed nation in the world. Recently, Bloomberg reported that the original $700 billion TARP bailout for Wall Street has mushroomed to over $7 Trillion, of which over $2 trillion has already been allocated. Some bloggers and papers correctly show that this inflation adjusted expense is more than any other expense ever, including World War II. However, what does $7 Trillion really mean and how will this lead to millions of more Americans falling to poverty within a few years?
Hint: 50% Inflation over current M3 Money Supply!
Continue reading at:
http://www.campaignforliberty.com/blog.php?view=5571
CFL post has ONE reply on DP
Even though it is featured on the front page of DP.
wake up guys.
http://www.votenader.org/blog/2008/09/10/statement-to-ron-pa...
http://www.flickr.com/photos/57925480@N00/2660779139/sizes/l/
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"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul
Thanks for the Hope in this message.
There is still HOPE.
Quote: from the link you posted. This echos Ron Paul.
"That solution is to abolish the Federal Reserve, one of the major causes of this calamity. Considering its purpose was to minimize the bust and booms of the free market and control inflation, it has failed spectacularly during the entire course of its history. The dollar has lost 97% of its value, the biggest booms and busts in history have occurred, and it oversaw the largest transfer of wealth from the people to the top 1%. Abolishing the Federal Reserve would allow the free market to naturally regulate money supply and, more importantly, it would restore the Constitutional mandate that only Congress can coin money- interest free to the people. As a majority of our current income tax goes toward paying the interest to the Federal Reserve, our income taxes will go down significantly, if not disappear eventually. This would be the best economic stimulus package possible and prevent the current mass decline of the American people to poverty level."