The Crushing Weight of Poverty and its Effects
In the midst of this rolling recession, it’s time to discuss the crushing weight of poverty and its impact on the average American. The 2021 poverty rate in the US was recorded at 11.6 percent. In total, an estimated 37.9 million Americans live in poverty.
While poverty rates have been in decline in recent years, the pandemic revealed and accelerated deeper wealth and inequality problems. As the Federal Reserve and the White House attempt to address inflation, the escalating interest rate raises are collapsing standards of living among all social classes. To soft quote John Hope Bryant, “Tell me your zip code and I can even tell you how long you will live.”
The lack of education and access can kill all future possibilities. The majority of people living in poverty are less educated and end up in a perpetual state of unemployment, mired in domestic and intra-communal violence.
All to say that poverty is a problem.
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So what’s the real cause of poverty?
A discussion with Matthew Desmond quickly reveals that Americans are both the architects and victims of our own financial making. In his book, Poverty by America, Desmond methodically provides an accurate account of how the lack of money increases one’s debt and financial instability. It’s not only financial, the problems are psychological.
To do so, Desmond lived in low-income housing and got to know both tenants and landlords, and the book reflects studied attention. Highly recommend listening to the interview below to contextualize what this looks and feels like.
Growing up poor, I can vouch that the experience was terrible. Fortunately, kids adapt to their environment. Unfortunately, as you age up, you begin to resent the society you live in. Anything that can create such economic disequilibrium of means must in fact be evil.
Or just aggressively wrong.
About Three People Who Grew Up in Poverty and Didn’t Know It
If you are new here, The Financial Griot is a Podcast. It is also a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. Somewhere along the way, the hosts were able to navigate being poor, latching on to education and just ending up damaged and happy on the other side.
That’s our secret. In some ways, we are antifragile.
We are the flowers that grew from concrete. No special skills or talents. Just a willingness to not let the first chapters of our stories define how the rest of it goes. Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible.
80% of millionaires are the first generation. That means they didn’t come from wealth. We believe in the power of education and taking action. In the end, we are striving not to stay poor. Turns out of the power of the human mind is undefeated.
Listen to the episode and as a bonus listen to these select interviews as supplementary information. The way out of poverty is truly based on the quality of the ideas in your own head.
Find the TFG Crew Hosts on Instagram
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
- Lawrence Delva-Gonzalez – Federal Auditor, Blogger, and Tax Specialist @theneighborhoodfinanceguy
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