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Or why US economic policies are wrong and the European model is better
The San Diego Union Tribune carried an article
on how more Americans than ever are living below the poverty line and lacking health insurance, despite improvements economic growth indicators such as gross domestic product (GDP
). What job growth had been occuring had been in low paying sectors such as the hospitality industry. These figures do not bode well for the global economy as a whole, since America and is a engine for growth in the global economic machine.
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Essential details and numbers
- A staggering 17.6 per cent or 12.9 million American children living below the poverty line, which is obscene
- Average salaries were flat and failed to keep pace with inflation
- An increase of 1.3 million now living below the poverty line bringing the total to 36 million
- California, long America's richest state had a higher than average 13.4 per cent of its population living below the poverty line
- 45 million Americans were without health insurance last year, a jump of 1.4 million, preventing them from getting access to healthcare
- Profits in American companies have jumped 62 per cent