The Super Rich Do Not Drive the Economy...They Drain the Economy. Isn't it Obvious?

A nationwide poll by the EARN Research Institute, revealed that more than half (54%) of all Americans, across all income brackets, do not  have a financial safety net. Another 43% said they would have to tap into retirement savings should they lose their income for three months or more.

A nationwide poll commissioned by the EARN Research Institute, revealed that more than half (54%) of American households across all income brackets do not feel they could meet their basic financial needs if income was disrupted for three months or more. Among low-income families (defined as those with annual household earnings of $35,000 or less), that figure rises to 64%.

“As the recession continues unabated, it has become bracingly clear that America’s families do not have the means necessary to weather long-term financial adversity”

This latest poll from the EARN Research Institute shows asset-building conditions worsening across America. A similar nationwide poll conducted by EARN in June 2010 demonstrated that a majority (51%) of American households reported having enough savings to cover basic expenses for more than three months; just six months later, that number has dropped to 46%. This underscores the significance between “income poverty” and “asset poverty,” or households having the financial reserves to get by on the federal poverty level for three months vs. living one paycheck, broken refrigerator, or medical emergency away from requiring public assistance.

On top of that, it appears we have at least three more years of high foreclosure rates, rising mortgage rates and a glut of distressed properties to look forward to, as more and more Americans struggle to provide the essentials for their families.

Chart Porn  , a very cool blog, charted foreclosures in the DC area with the following results:

Here's the thing. We are still the wealthiest nation in the world. Yet, 97% of us are either skating on very thin ice, or have already fallen through. What does that tell you about the Bush tax cuts for the wealthy? The elimination of the estate tax?   The low capital gains tax rate and all of the other incentives for the wealthy?  And, why are we even considering making this infinitesimally small % of the population, who have accumulated, and continue to accumulate so much wealth that their offspring, for generations to come, will never have to work/contribute to society...ever.

There is no way I can say it better than this:

I, for one, am so tired of hearing the poor and middle class in this country scapegoated by the uber wealthy, cutthroat, blood-sucking, cannibalistic, snake-in-suits, corporate psycho leeches that are destroying the country, and planet due to their greed and lust for power. It is not the poor and middle class who control policy, media, politicians, transportation, resources, energy, military and commerce.

Through their stranglehold on all these resources, the super rich and their puppets have managed to twist reality. The poor have little or no way to affect any real changes, while those who do mask their deeds in lies, misperceptions and smoke screens.

The wealthy religious fanatics who do the bidding for these snakes show unbridled hypocrisy. If they were true Christians they would not rest until every child had enough to eat, until all people had access to health care, until every person had a decent place to live. Did not Jesus say, "as you do unto the least you do unto me"? To throw off the shackles of the past we must create a new paradigm and recognize the worth of every being, not just the wealthy and religiously intolerant.

While we're on the subject, why are all these snakes donating their money to the elephants? Yes, I really wonder.

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Economy has sent executives to jobs down the corporate ladder.