Posted on 04/08/2015 1:48:29 PM PDT by SeekAndFind
This could be the scariest chart in the world, from Deutsche Bank's Torsten Sløk. Nearly half of American households don't save any of their money.
If it it isn't obvious, this has a broad range of implications. People who don't save won't have any buffer should the economy turn and they lose their jobs. Longer term, people who don't save won't have the capacity to retire.
It's not good.
(Excerpt) Read more at businessinsider.com ...
Free Obamaphones, EBT, food stamps, etc.. No reason to save.
How many years into the so-called “recovery” are we now? Six?
Willard mentioned 47%
Isn’t that the same number of people who pay no income tax?
They have the Obama savings plan. Blow your money and then when you hit retirement age, poor mouth and scream poverty until the government takes money from the savers and funnels it to them. We are so screwed as a country it isn’t funny.
98.99% of that 47% which don’t save, voted several times for Emir Obozzo!
V
I think you are on to something there.
If you aren’t part of that 47%, then you are obviously making too much money and need your taxes raised. < / sarcasm >
The top 25% of incomes pay 86% of federal income taxes.
The bottom 50% basically none, the bottom 20% are actually making money (via EITC).
My son is one of the worst. He makes relatively little and has three kids so he gets a huge income tax return. He spends every nickel as fast as he can on useless crap and in a month he is back to living paycheck to paycheck.
The government sets the example.
The bottom 40% receive a refund in excess of what they paid in income taxes.
I have a neighbor who saves faithfully yet just gets deeper in the hole.
What he’s going to do with all those old lottery tickets I don’t know...
The media loves people who don’t save, the media gets a cut of ALL their money.
I read yesterday that California is likely going to establish a state EITC in the amount of 30% of the federal.
So if the feds give you 5 grand in EITC, you’d get 1500 from the state.
Must be nice to have that level of wealth in your budget.
How can you save anything if your paycheck is hundreds below what your expenses are? The use of credit cards are the only saving grace and they come to an end with a real headache.
How does one “save” food stamps?
Not me, I’ve got close to half a mil in savings all on a modest salary. Don’t spend a lot basically but don’t live like a Scrooge either.
Good for you. Rule of thumb I was taught in the Reagan years, is pay yourself first. That meant put some up every payday religiously. The thing that irritates me is how the FED is killing savers and in order to get a return on your money you have to put it in the market which I do not trust.
However, I do have some money in the market and it gets scary at times. Made some and lost some. Give me the good old days when you got CDs that paid 8%!
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