The United States is moving towards "complete and permanent collapse" as more Americans are flipping into the poverty, an analyst says.
"More people are going to become impoverished because social security and Medicaid keep millions of Americans out of poverty every single year," said Mike Stathis, the chief investment strategist of AVA Investment Analytics, a financial research firm catering to financial institutions.
"More Americans are flipping into poverty and we are talking the working impoverished. They are not paying living wages in this country. This is the fundamental problem going on for many years and it really signals the complete and permanent collapse of America because nothing is going to change... They don't care about people," he told Press TV's US Desk on Tuesday.
He made the remarks after the United States Census Bureau made public in a report on Tuesday that the country's poverty rate reached 15.1 percent in 2010, the highest level since 1993.
Some 46.2 million US citizens were living below the country's poverty threshold in 2010, according to the report.
Stathis also predicted that Americans are going to see a poverty rate of "over 20 percent over the next few years" if US corporations continue to keep their "near record profits" for their own.
"The real tragedy is going to be the next generation. Those are the people who are going to be stuck and they can't do anything about it," he said.
Meanwhile, former US Treasury Secretary Lawrence Summers was recently quoted in the US-based Newsweek magazine as saying that the United States is on the verge of collapsing due to its ongoing economic crisis and that the country needs long-term economic plans for a recovery.
He has reportedly censured US President Barack Obama's short-term economic plan, insisting that "we need not a one-year but a 10-year commitment to rebuilding the country."
Summers also contended that the US is underperforming and that millions are out of work and tens of millions have depressed incomes.
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