The big news on the poverty front is that the percentage of Americans living in poverty is unchanged at 15 percent, which amounts to 46 million Americans. More than 1 in 5 kids under the age of 18 are in poverty and nearly 1 in 4 kids under the age of 6 find themselves impoverished as well. These are unacceptable and yet very real. Poverty in America is only marginally better than it was when LBJ began his so called Great Society. Our war on poverty has been and continues to be a failure. Meanwhile we have the best government that political contributors can buy.
There is approximately $ 175 billion in crony capitalist subsidies and tax breaks in the US annually. That’s enough to bring all of our citizens above the poverty level that’s 46 million people served. The only losers here would be the approximately 1 million rich beneficiaries and their families who benefit from these tax breaks and tax subsidies. I know that this sounds like wealth redistribution but it isn’t. When the rich get welfare through cronyism deals with our politicians this is just a correction.
I’ve never believed that welfare of any kind is the appropriate answer to our problems. On the other hand, no one should be in poverty in the richest nation of the world. No one also should get handouts who don’t deserve it. Especially the rich and connected through political favors.
Another annoying aspect of our ridiculous corporate tax laws is that it really hurts smaller companies. The United States corporate tax rate is far too high, but large companies never pay it. They get sweetheart deals and the smaller companies are at a significant disadvantage.