Monday, Nov 24, 2008, 11:14 am
Notes On Our “Unraveling”
The swelling numbers waiting outside homeless shelters and food pantries around the country, many of them elderly or single women with children, have grown by at least 30 percent since the summer. General welfare recipients receive $140 a month in cash and another $140 in food stamps. This is all many in Trenton and other impoverished areas have to live on.
Trenton, a former manufacturing center that has a 20 percent unemployment rate and a median income of $33,000, is a window into our current unraveling. The financial meltdown is plunging the working class and the poor into levels of destitution unseen since the Depression. And as the government squanders taxpayer money in fruitless schemes to prop up insolvent banks and investment houses, citizens are callously thrown onto the street without work, a place to live or enough food.
The statistics are already grim. Our banking and investment system, holding perhaps $2 trillion in worthless assets, cannot be saved, even with the $700 billion of taxpayer money recklessly thrown into its financial black hole. Our decline is irrevocable. The number of private sector jobs has dropped for the past 10 months and at least a quarter of all businesses say they plan to cut more jobs over the next year. The nation’s largest banks, including Citigroup, face collapse. Retail sales fell in October by the largest monthly drop on record. Auto companies are on the edge of bankruptcy. The official unemployment figures, which duplicitously mask real unemployment that is probably now at least 10 percent nationwide, are up to 6.1 percent and headed higher. We have lost 1.2 million jobs since January. Young men of color have 50 percent unemployment rates in cities such as Trenton. Twelve million houses are worth less than their mortgages and a million people will lose their homes this year in foreclosures. The current trends, if not swiftly reversed, mean that one in 33 home owners will face foreclosure.
If Hedges' piece is accurate witness, the real American stories are the shuttered pantries and the lines to get into the soup kitchen, the grisly violence, and the waste ignored by our mainstream media (avid chroniclers of Michelle Obama's fashion sense). Are the elites that Obama has tapped to airlift us out of this crisis qualified to deal with the deep rot of our nation?
Jarrett Dapier is a former assistant publisher at In These Times. Previous work for ITT includes interviews with playwright Christopher Shinn and Fugazi guitarist, Ian Mackaye. He currently works with teens at the Evanston Public Library where he runs a recycled drumming program and directs stage adaptations of young adult literature. He lives in Evanston, IL.