Courtesy of John Nyaradi
Today’s shocking report from the U.S. Census Bureau shows record poverty in America.
According to new figures from the Census Bureau, one in six Americans, 46 million people now live below the poverty line, an all time record.
Nearly fifty million have no health insurance, the most in twenty years.
Considering that “poverty” is defined as annual earnings of less than $22,300 for a family of four, these numbers can only be described as shocking.
Furthermore, median income declined 2.3% from 2009 and is 7% below 1999 levels.
In other news today, Best Buy reported a 30% decline in 2nd Quarter profit and the Euro hit a ten year low against the Yen as concerns over a Greek default continued to haunt global markets.
Still, less fear was evident today as U.S. markets posted gains.
Bottom Line: We are not going the right way and things could get worse if long term unemployment benefits, entitlements and other safety nets get the axe during the upcoming “super committee” deliberations in Congress. This is obviously bad news for Best Buy, Apple and an economy that is 70% based on consumer spending.
Global Stock Market Wrap Up:
Dow Jones (DIA): +44; +0.4%
NASDAQ(QQQ): +37; +1.5%
S&P 500 (SPY): +10.6; +.9%
Russell 2000(IWM): +12; +1.8%
Economic reports get serious tomorrow with Retail Sales, Producer Price Index and Inventories.
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