Home»Economy»Tens Of Millions Of “Working Poor” Americans Are Suffering Deeply Due To Biden’s Economic Policies

Tens Of Millions Of “Working Poor” Americans Are Suffering Deeply Due To Biden’s Economic Policies

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The Biden administration and the corporate media insist that we are witnessing an “economic recovery”, but it sure doesn’t feel like any sort of a “recovery” for America’s working poor.  Tens of millions of working Americans are trying to survive from month to month on stagnant or declining wages at a time when Biden’s economic policies have caused the cost of living to soar.  Our leaders in Washington always seem to think that spending more money is the solution to almost every crisis, and in recent months we have seen the money supply grow at an unprecedented rate.  Those that have been showered with government money are grateful, but all of this new money is also going to make life much tougher for those on the very bottom of the economic food chain.

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Just because someone “has a job” does not mean that individual is doing okay in this economy. Greyhound bus driver Marvia Robinson has never had to file for unemployment benefits during the COVID pandemic, but her wages declined substantially, and she got way behind on her rent

Last year, as the COVID-19 pandemic brought the nation’s travel economy to a standstill, Robinson’s hours were. cut, her pay dwindled – to as little as $65 for one two-week period – and she fell behind on her rent. By January, she owed $4,920.38. So she emailed Invitation Homes to ask if it would accept funds from a county program that gives landlords $4,000 in back rent.

In an email response reviewed by Reuters, Invitation Homes told Robinson the company was not participating in the program “due to the landlord restrictions,” without explaining what that meant. The company then sent Robinson an email with links to information about other government and nonprofit relief programs, as well as payday lenders, food banks, the Coalition for the Homeless and ways to make money by selling hair, plasma and donor eggs.

Various eviction moratoriums are protecting multitudes of people that are way behind on their rent, but they didn’t help in Marvia’s case, and she was tossed out on the street on March 9th

In February, an Orange County judge approved Robinson’s eviction. On March 9, two sheriff’s deputies showed up at Robinson’s taupe two-story rental south of the city, bolted the doors and changed the locks.

So what is Marvia supposed to do now?

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She works extremely hard, but it still wasn’t enough to keep her from being tossed out into the cold.

Overall, Moody’s Analytics is projecting that 7 million Americans will owe a total of $40 billion in back rent by the end of May.

Like Marvia, many of those people actually have jobs.

When I asked Google how many Americans are classified as “working poor”, it gave me a number from 2018…

About 38.1 million people, or 11.8 percent of the nation’s population, lived below the official poverty level in 2018, according to the U.S. Census Bureau.

Needless to say, that number is almost certainly far higher by now thanks to the economic depression that we have experienced over the past year.

And guess which state now has the highest level of “functional poverty”?…

As the California Legislature churned toward adjournment last week, its members received another reminder that the state’s most vexing — and shameful — socioeconomic malady persists.

The Census Bureau reported that California still has the highest level of functional poverty of any state, averaging 18.2% of its 40 million residents impoverished during the three preceding years.

The state that has the most tech billionaires also has the most people living in poverty right now.

Isn’t that ironic?

In their desperation to jumpstart the economy, our leaders in Washington have been creating, borrow and spending money like this is no tomorrow.

Just look at what this has done to our money supply.  The following chart which comes directly from the Federal Reserve shows the stunning growth of M2 since the beginning of the pandemic…

Of course this was going to drive the cost of living higher, and food prices are one thing that I am watching very, very carefully.

Just a few days ago, Bloomberg published an article entitled “The Grocery Price Shock Is Coming to a Store Near You”

Corn, wheat, soybeans, vegetable oils: A small handful of commodities form the backbone of much of the world’s diet and they’re dramatically more expensive, flashing alarm signals for global shopping budgets.

This week, the Bloomberg Agriculture Spot Index — which tracks key farm products — surged the most in almost nine years, driven by a rally in crop futures. With global food prices already at the highest since mid-2014, this latest jump is being closely watched because staple crops are a ubiquitous influence on grocery shelves — from bread and pizza dough to meat and even soda.

Food prices have been aggressively rising for 10 months in a row, and there are several factors that are leading analysts to project that they will continue to rise in the months ahead…

The most recent crop spikes follow months of price gains fueled by booming import demand from China. Corn prices have doubled in the past year, while soybeans are up about 80% and wheat 30%. With China’s purchases continuing and a spate of adverse weather conditions threatening crops in Brazil and the U.S., there are few signs of respite.

As food prices move higher and higher, this will put additional stress on tens of millions of “working poor” Americans that are barely scraping by from month to month.

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The good news is that nobody in the U.S. is starving at this point, but the same can’t be said about the rest of the world.

Global hunger is on the rise, and one expert is warning that things are starting to get really bad out there

“The relentless rise in prices acts as a misery multiplier, driving millions deeper into hunger and desperation,” Chris Nikoi, the World Food Programme’s regional director for West Africa, said earlier this month. It’s “pushing a basic meal beyond the reach of millions of poor families who were already struggling to get by.”

As I detail in my most recent book, we are moving into a time when there will be horrific global famines.

We all know this is coming, and so we should be getting prepared ahead of time.

Of course there are tens of millions of Americans that can’t afford to get prepared because they don’t have any extra money at all each month.

With each passing day, more Americans are falling out of the middle class and into poverty, and everything that our leaders in Washington do seems to make things even worse.

Article posted with permission from Michael Snyder


Michael Snyder

Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years. Today, Michael is best known for his work as the publisher of The Economic Collapse Blog. Michael and his wife, Meranda, believe that a great awakening is coming and are working hard to help bring renewal to America. Michael is also the author of the book The Beginning Of The End

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