But wait, it gets worse. A new study shows that a single person really needs $30,000 a year to get by. A single parent with two children needs $58,000 a year -- three-and-a-half times the McWage.
The most recent job figures showed that the U.S. unemployment rate declined to 8.8 percent. No one should be impressed. An all-time record high of 14.3 percent of the American population is now on food stamps. That's 18 percent of all households.
Market Oracle explains what has happened to America in the past 50 years:
In 1961 America was a well balanced economic powerhouse. Goods production accounted for 34.5% of all jobs, with manufacturing making up 27.7% of all jobs. Goods production now accounts for a pitiful 13.7% of all jobs in the country. The slack was picked up by financial analysts, accountants, lawyers, tax specialists, and bankers... The rest of the slack was taken up by teachers, school administrators, nurses, cabana boys and waitresses as they surged from 12% in 1961 to 25.3% of all jobs today.Oh, and pay for CEOs in the S&P 500 rose 27 percent last year.
Things have gone terribly, terribly awry in this country.
