An American economist says the country’s middle class population is being pushed further down the scale of economic capability.
“…the income distribution has been severely hurt. It is so badly skewed now that all of the evidence is clear – a very small percent of the population receives almost the entire gain and income increases and the wealth is being concentrated in the top, is extremely top heavy…,” Dr. Paul Craig Roberts, a former assistant secretary of the US Treasury, told Press TV.
“So you’ve got 40 percent of people earning less than 20,000 per year. You’ve got 53 percent that earns less than 30,000 dollars per year,” he added.
“So, the squashing of the middle class and the forcing of so many middle class people down into the bottom ranks; and the squashing of the bottom ranks – this is a very socially unstable situation and it’s certainly economically unstable. And it certainly interferes with an economic recovery.”
The comments come as Congress, which houses 245 millionaire lawmakers, is working on a bill that would cut food stamps to millions of citizens.
Food stamps or the Supplemental Nutrition Assistance Program costs almost USD 80 billion a year and lawmakers are seeking to cut nearly USD 800 million of that amount.
The program provides food to one in every seven Americans. Findings show that half of the recipients are children and 10 percent the elderly.
A group of Americans from across the nation are warning Congress that by cutting food aid to millions of Americans, it will increase the financial burden of the federal government in the health sector.
“If you’re interested in saving health care costs, the dumbest thing you can do is cut nutrition,” Dr. Deborah Frank of Boston Medical Center said.
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