A tale of two ‘cities’ American style
On Black Friday (Nov. 24), Amazon stock shot up during the day’s market trading session which allowed CEO Jeff Bezos to become the first American to be worth over $100 billion… at least on paper.Â And when you couple his wealth with the other two richest men in the U.S., their combined riches are greater than the total accumulated wealth of the bottom 50%.
However the rapid increase in wealth for these men, and the others in the U.S. who make up the 1%, did not come with the added benefit of raising all boats like it did for the most part during the 1950’s, or the Reagan boom years of the 1980’s.Â No their accumulation of wealth came instead at the expense of most Americans since the policies of the central bank following the 2008 financial crisis were dedicated towards wealth siphoning, versus wealth creation.
And now in the U.S. we have a symbolic ‘tale of two cities’ as the top 1% now hold more wealth than at any time in history, and more Americans are now homeless than at any time perhaps outside the Great Depression.
If the economy is doing just fine, then why is homelessness at levels not seen â€śsince the Great Depressionâ€ť in major cities all over the country?Â If the U.S. economy was actually in good shape, we would expect that the number of people that are homeless would be going down or at least stabilizing.Â Instead, we have a growing national crisis on our hands.Â In fact, within the past two yearsÂ â€śat least 10 cities or municipal regions in California, Oregon and Washingtonâ€ťÂ have declared a state of emergency because the number of homeless is growing so rapidly.
Things are particularly bad in southern California, and this year the Midnight Mission will literally be feedingÂ a small army of peopleÂ that have nowhere to sleep at nightâ€¦
Overall, the Midnight Mission serves more than a million meals a year, and Berkovich says that homelessness hasnâ€™t been this bad in southern CaliforniaÂ â€śsince the Great Depressionâ€ťâ€¦
Berkovich said the group has been serving nearly 1 million meals a year each year since 2013.
â€śWe havenâ€™t seen numbers like this since the Great Depression,â€ť she said.
And of course the official numbers confirm what Berkovich is claiming.Â According to an articleÂ published earlier this year, the number of homeless people living in Los Angeles County has never been higherâ€¦
The number of homeless people in Los Angeles has jumped to a new record, as city officials grapple with a humanitarian crisis of proportions remarkable for a modern American metropolis.
We see the same thing happening when we look at the east coast.Â Just check out these numbersÂ from New York Cityâ€¦
For New York, this is the highest that the homeless population has been since the Great Depression, and city leaders are trying to come up with a solution.
Meanwhile, things are so bad in Seattle thatÂ â€ś400 unauthorized tent campsâ€ťÂ have popped upâ€¦
Housing prices are soaring here thanks to the tech industry, but the boom comes with a consequence:Â A surge in homelessness marked by 400 unauthorized tent camps in parks, under bridges, on freeway medians and along busy sidewalks. The liberal city is trying to figure out what to do.
Homelessness is at epidemic levels all over the U.S., and this crisis is getting worse with each passing day.Â Some communities are trying to care for their growing homeless populations, but others are simply trying to force them to go somewhere else.Â They are doing this by essentially making itÂ illegal to be homeless.Â In some cities it is now a crime to engage in â€śpublic campingâ€ť, to â€śblock a walkwayâ€ť or to create any sort of â€śtemporary structure for human habitationâ€ť.Â These laws specifically target the homeless, and they are very cruel. â€“Â Economic Collapse Blog
Unfortunately, both America’s politicians as well as officials at the central bank either are completely ignorant to the plight of most Americans, or they have embarked on a purposeful program to bankrupt a majority of the population.Â Because it doesn’t take a Harvard P.H.D. to count the number of Americans on welfare and food stamps, nor does it require a Degree in economics to recognize that the debt levels of households are at the greatest point in the nation’s history.
A smart man’s money of course is on this being a complete and diabolical program of wealth confiscation, both by bankrupting families with onerous taxes like Obamacare, and through real price inflation that they decry doesn’t exist.Â And in the end as more and more people find themselves without jobs, a home, and out on the streets, we must call up the now famous quote from Trends Forecaster Gerald Celente when he said, “When people have nothing else to lose, they lose it.”
Kenneth Schortgen JrÂ isÂ a writer forÂ The Daily Economist,Â Secretsofthefed.com,Â Roguemoney.net, andÂ Viral Liberty, and hostsÂ the popularÂ youtube podcastÂ on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.