Bush Legacy: US Poor Could Top 46 Million

by Erik Larson | November 25, 2008 at 10:10 am

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The number of poor in the US could "approach 47 million" in the next year, according to the private Center on Budget and Policy Priorities, a "liberal" research group. Their report is based a forecast of 9% unemployment by the end of 2009 from Goldman Sachs.

Rising unemployment could push an additional 7.5 million to 10.3 million United States residents below the federal poverty line over the next two or three years, a research group has estimated, based on the experience of the last three recessions and the latest projections of job losses.

The current definition of "poor" in the US is families who spend more than 1/3 of their income on food; this excludes the millions of "near poor" who are also struggling to make ends meet while elites like McCain forget how many houses they own.

Goldman Sachs is one of the speculative investment banks chiefly responsible for the economic meltdown, and a beneficiary of the Wall Street Bailout. "Ex" Goldman-Sachs CEO Henry Paulson is currently head of the US Treasury, and has been pumping hundreds of billions of fractional-reserve debt-backed tax dollars into the fraudulent money system controlled by the privately-owned Federal Reserve.

The current monetary system serves the banking elite and their minions; even though the US Constitution authorizes Congress to coin money, in 1913 they outsourced the money-making power to the private Federal Reserve, and now the US borrows money from the Fed, instead of printing it ourselves. This system has allowed bankers to run the US economy for their private profit- instead of using their trillions to serve the public interest, they've been using their wealth to consolidate power in their greedy hands. Now there's a global economic meltdown, and even Warren Buffet's portfolio is down by 43% as of last week.

Isn't it time for a more sensible economic system; perhaps banning interest and taxing money?

Tell the Obama transition team what Obama needs to do in order to get reelected in 2012. Recently it was confimed that Federal Reserve insider Tim Geithner is Obama's pick to head the US Treasury. This does not signal "change", which is why the stock market got a little boost; this is a signal that the same criminal economic policies that benefit the top 1% will continue under Obama.