While Washington debates cutting Social Security and Medicare the facts are in on the “recovery” – it’s a bust. Not only has unemployment remained historically high – 7.7% officially, 23% by the old metrics – but poverty has spiked to historic highs.

The U.S. Census Bureau puts the number of Americans in poverty at levels not seen since the mid-1960s when President Lyndon B. Johnson launched the federal government’s so-called War on Poverty. As President Barack Obama began his second term in January, nearly 50 million Americans — one in six — were living below the income line that defines poverty, according to the bureau. A family of four that earns less than $23,021 a year is listed as living in poverty. The bureau said 20 percent of the country’s children are poor.

There is record childhood poverty as the rich get richer thanks to bank bailouts from bought and paid for politicians. That’s right, it’s not education or productivity or innovation that has propelled the 1% to the commanding heights of the American economy and society – it’s government checks, welfare. The redistribution of wealth up.

Of course after Washington was finished bailing out its campaign contributors, suddenly, there was a realization that Washington had a spending problem. Two wars, tax cuts, and TARP yet now every dime is sacred, every dime is great.  If a dime gets wasted, God gets quite irate. It is almost as if the rich ran up a massive debt paying themselves in war profiteering, tax cuts, and bank bailouts and now want to stick the bill for their subsidies onto the middle class and poor. Actually, that is what happened.

So back to Washington where there is an emerging bi-partisan consensus (like the Iraq War, TARP), ironically spearheaded by a Democratic President, to cut social insurance programs like Social Security and Medicare. Because why just have record childhood poverty when you can bring back record senior poverty?