Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
In the same category

Suburbia: Where the poor are

IMG Auteur
Published : September 29th, 2011
237 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

 

 

 

 

The U.S. government has done all it can to promote home ownership, clustering over-indebted Americans together out in the lush green suburbs behind white picket fences. But, what was once the American dream is now where 15.4 million people living below the poverty level reside, according to the Brookings Institute.


Those living in poverty in America’s cities totaled 12.7 million last year. “We think of poverty as a really urban or ultra-rural phenomenon, but it’s not,” said Elizabeth Kneebone, senior research associate at Brookings. “It’s increasingly a suburban issue.”


The housing crash brought poverty to suburbia like never before. “The collapse of the housing market caused the ranks of the poor to spike in Sun Belt communities, such as those surrounding Lakeland, Fla., and Riverside, Calif,” writes Tami Luhby for CNNMoney. “Many low-income people had moved there during the boom to make money building and caring for homes or working in the retailers and restaurants that cropped up to service the new residents.”


Suburban housing tracts don’t look like slums yet, “But behind closed doors, there are increasing numbers of people who don’t have jobs, their retirement nest eggs are gone and they can’t meet their mortgage payments,” says Donna Cooper, senior fellow at the Center for American Progress.


But the poverty will burst out into the open when hundreds of municipalities go broke and the next financial meltdown shoe drops.


Article originally published on www.mises .org

 

 

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Douglas French is president of the Mises Institute and author of Early Speculative Bubbles & Increases in the Money Supply.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Silver Demand Ready To Explode
10 DecS W.
Same old, same old story from AH. Silver is going to go to the moon. Buy it while you still can. So you can make a lot of dollars when ...
Gold coins: the United Kingdom´s...
08 Decflup
I think that Estonia is VAT free for legal tender silver.
The Deepening Deep State
10 DecJim C.
Kunstler wasn't concerned about 'The Deep State' when he voted for Obama...since Obama's agenda seemed to coincide initially with Kunstler's own. ...
Documents Prove Massive Rigging ...
09 DecThe Recusant
Yes, yes. the PMs are manipulated. Perhaps some bank will have its wrist slapped. Then everything will return to normal. More price fixing and bank...
Silver Demand Ready To Explode
09 DecThe Recusant
Sorry Andy, but I don't believe in Santa anymore either. Believing silver "must" explode is no different than the market "must" implode. I've been ...
Guest Post: How to Trigger a Sil...
09 DecThe Recusant
Well, there you have it. Blatant manipulation and cover up by the CFTC and DOJ. So, what else is new? Let's see what Trump will do to stop this! [s...
Indian demonetization effect: 15...
09 DecJ T.
From reading the comments at the end of the article mentioned above in economictimes.indiatimes, the people who read it, if they actually did, are ...
India Confiscates Gold, Even Jew...
09 DecJ T.
Hopefully the naive, or ignorant, or worse, willfully ignorant, who have swallowed (once again) the MOP's lie (that's the Ministry of Propaganda......
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS