Friday, March 19, 2010, AM | 4 Comments
A new group of the Poor, the Orphans, the Destitute (POD) have been created during the last few years. They are the good, decent folks who have lost jobs, foreclosed on their homes, declared bankruptcy and have lost their entire livelihood.
They have become financial Orphans of the American society. A new landscape of websites have been created to list foreclosure properties.
The huge bankruptcies on all sorts of credit – mortgage, credit card, personal loans – have created the POD group in America like never before since the Great/Worst Depression of the 1930s.
Wikipedia defines poverty as two-fold:
Absolute poverty is the lack of very basic of human needs like food, shelter and clothing.
Relative poverty, as the name suggests, is the condition of having fewer resources or less income than others within a society or country.
There are an increasing number of folks who live under absolute poverty but many times over, people have been living under relative poverty. Among them the POD group is at the top of the list.
The absolute poverty has been mostly attributed to the third world countries. But recently, it has cropped up on the vast landscape of the American family finances.
Regardless of what the cause is, it is present among us at a considerable number.
The middle class whose existence is the reason for sustenance and growth of any economy, in terms of wealth, education, election [yes election], and other financial family life, is increasingly sliding downhill at an alarming speed the likes of which have never been seen before.
The public and private sectors must initiate programs that will not only help to lift up POD group financially but also help the middle class to stop going downhill any further than it already has.
Otherwise, a still newer POD group is bound to get created.
In a Nutshell
The real economic growth and prosperity is achieved in any country when the POD group is lifted up financially.
Then and only then a nation can be proud of its existence and the continuous progress that it will achieve in the future.Facebook.com/doable.finance