Posted on 01/31/2014 5:26:06 AM PST by Sir Napsalot
The economic picture is looking brighter these days. The federal government announced Thursday that economic growth had picked up to its fastest pace in two years, while employment growth over the past five months has averaged a healthy 185,000 new jobs. But as evidenced by a report out Thursday from the Corporation for Enterprise Development, nearly half of Americans are living in a state of “persistent economic security,” that makes it “difficult to look beyond immediate needs and plan for a more secure future.”
In other words, too many of us are living paycheck to paycheck. The CFED calls these folks “liquid asset poor,” and its report finds that 44% of Americans are living with less than $5,887 in savings for a family of four. The plight of these folks is compounded by the fact that the recession ravaged many Americans’ credit scores to the point that now 56% percent of us have subprime credit. That means that if emergencies arise, many Americans are forced to resort to high-interest debt from credit cards or payday loans.
(Excerpt) Read more at business.time.com ...
There’s a link on Drudge (via Weekly Standard) that showed employees from a small business (western PA) found out about their new ‘Affordable Care’ price.
well how did people live before everybody had a “job”? They started small businesses, they contracted their labor out, they collected and sold stuff.............come on, you sound like a freaking Democrat. There are no guarantees, there is no free lunch. Yeah, your “job” could end and so you better get there on time and work your butt off so you don’t get fired, but even so, the business could go bust and you will be on your own. So what?
When you are getting a guaranteed government check every month, there is no reason not to live paycheck to paycheck.
Good point. Few people even try to live within their means these days. They might claim they do but the reality is that most people are trying to live up to their ever growing list of wants.
Its a sad comedy watching the local argument over the minimum wage. These people want to raise themselves up at the expense of the restaurant owner and they’re fixated on the things the owner has as proof that the owner is greedy.
Greed and envy in the worst ways.
Not used as motivation to better themselves, but to pull others down.
The owner of the little cafe near me states it perfectly.
“Its no wonder I’m broke all the time. I’m buying 6 new cars”.
>>> What the aich is wrong with living paycheck to paycheck?
Living paycheck to paycheck implies that these people have no provisions to fall back on. Not like the prudent squirrels who stash nuts a bit at a time.
When SHTF, it is ALL OF US that will pay.
[My generalization does not include those already dip into their nut piles.]
Our check got hit with higher insurance so the budget is tighter than it was. Junior had his hours cut so he’s had to get a second job. I imagine most of those “new” jobs are second and third jobs of the same person.
Not enough good jobs out there for people, so they have to resort to low paying ‘McJobs’ instead. They live paycheck to paycheck because they try to maintain a 1st world lifestyle on such low wages. High cost of living keeps those with lower wages financially depressed. Once you consider everything, being on .gov handouts with a little under the table cash from odd jobs probably pays better.
On the other hand, high cost of living hurts those with higher wages, causing even those families to live paycheck-to-paycheck when you factor in all of the expensive ‘toys’ that people “MUST” buy(the latest iGadget, games/game systems, 4 smartphones in the family, and 2-3 high car payments....ect....ect).
Right. And they will somehow have “extra” money to put into Louis Vuitton bags, iPhones, tats, fancy manicures and hair extensions. But no money in the bank. Live for the day and hate the rich! Oh yes, and they have the *right* to own a home.
It’s a joke alright, most of the articles boil down to, “In spite of the fact that everything is wonderful we are being crushed under the falling skies.”
Cool your jets.
I don’t care much for that “you sound like a democrat” shrill nonsense merely for pointing out the obvious.
I have not had a paycheck for more than a decade because I *am* a small business owner. But even business owners hire workers. Not 100% of the populus is cut out to run their own show. And ALL of us, business owners and salarymen alike, owe it to ourselves, our children, and our society to save for that rainy day.
What are these "monthly payments" for a car?
Rent to own is no way to go through life (except for the real estate situation where you have to pay rent to the gov't).
hey, preaching to the choir here. But we’re not “normal”, as Dave Ramsey would say.
Nothing, paycheck to paycheck ain’t bad. Been there, done that. Tried living off my good looks didn’t work so well.
I watched as a squirrel gathered pecans and hid them. Then I noticed a crow watching from a tree above. There must be a moral here somewhere.
When the SHTF, I’ll be every man for himself. But to quote Hank Williams, Jr. “A country boy will survive”. Stay out of the urban areas and improve your chances.
Thanks for the comments.
oh, light bulb going on, it means no savings?
well, I never got that
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