Only a small part of the problem; a very small part.
Reader comment on: Stephen Carter on Inequality and Poverty
Submitted by Doktor Don (United States), Oct 21, 2015 23:58
Yes, Poverty jumped dramatically; following the Bush Great Recession; after another 8.6 Million People lost their jobs, homes, cars, retirement & college savings. Government's lack of Oversight; and, the fact that Reagan's Deregulation, released the Beasts on Wall Street. They not only fine-tuned the Art of the Con; but, developed what Buffett called Financial Weapons of Mass Destruction. Middle America lost something like $10 - 12 Trillion in Wealth as a result of the Crash & the Fleecing. Bernanke has said recently that Wall Street Bankers and CEOs should have gone to jail. The huge rise in Poverty was, in part the doings of a new Breed of Predator Capitalists that arose in the Nation's Financial Sector.
Unfortunately; today there are four Sectors of our National Economy; that, are so riddled with fraud and corruption; that they have been dubbed, "The Four Horsemen of our Economic Apocalypse." They are: Financial Sector; Health Care/Insurance, the Military Industrial Complex; and, Higher Education. All have gammed Consumers; and, even the U.S.Government.
A good read is David Stockman's,Book on the Deformation of Capitalism. Another: Hedrick Smith's Book on who destroyed the Middle Class.
Our tremendous growth in Poverty didn't occur by accident. It is the by-product of Deregulation, Lack of Oversight; Criminal Activites, Cronyism, and the Deformation of Capitalism, and our Monetary System. So, very, very much more needs to be said; but, time & space limit.
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