Posted on 01/06/2016 11:30:32 AM PST by Citizen Zed
Why aren't people saving? Millions of Americans are struggling with student loans, medical bills and other debts, says Andrew Meadows, a San Francisco-based producer of "Broken Eggs," a documentary about retirement. Central bankers hiked their short-term interest rate target last month to a range of 0.25% to 0.50% from near-zero, but that's still a small return for savings left in bank accounts.
Indeed, personal savings rates as a percentage of disposable income dropped from 11% in December 2012 to 4.6% in August 2015, according to the Bureau of Economic Analysis , and now hover at 5.5%.
More money and education can help. The latest Bankrate survey found that savings increased with income and education: Just 46% of the highest-income households ($75,000-plus per year) and 52% of college graduates lack enough savings to cover a $500 car repair or $1,000 emergency room visit. And while those figures could still be lower, Americans are willing to cut back on at least some expenses when money is tight: 58% say they're "very/ somewhat" likely to cut back on eating out, are likely to decrease their cable bill and 41% are likely to spend less on coffee at places like Starbucks, while 39% will seek out lower-cost cellphone bills.
But while unemployment is falling (5% in November 2015 versus 5.8% in November 2014) and the Affordable Care Act has given an estimated 16.4 million people access to medical care , the amount of wealth held by the middle class is shrinking. The share of income held by middle-income families has plunged to 43% of households in 2015 versus 62% in 1970, according to a report released last month by the nonprofit think tank Pew Research Center in Washington, D.C.
(Excerpt) Read more at marketwatch.com ...
I am curious. Your comment has no relation to the content of my post that I can tell. Where did you get the idea I had that attitude?
I read your post. Lets cut to the chase. Are you not the one who suggested the real problem with the economy is middle America is blowing all their money on unnecessary luxuries? Did you not suggest or imply this?
Are you denying middle America has not been economically gang raped, robbed, looted, taxed to death, over regulated, endured years of stagnate wages, decimated benefits, worthless or eliminated health care etc?
??
So the problem with middle American economy is they’re making lots of much money, have great secure jobs etc, but they’re blowing it all on vacations, TVs and cell phones?
Did you not imply that’s what happened to the economy in middle America?
??
No. Simple answer.
"...Are you denying middle America has not been economically gang raped, robbed, looted, taxed to death, over regulated, endured years of stagnate wages, decimated benefits, worthless or eliminated health care etc?"
Again, No. Easy enough.
Let me ask you a question: As a conservative (I presume you lean that way, since you frequent FR) do you not believe that people should take personal responsibility for their finances, for whatever they have available? That they should save when times are good, and when times are tough, make adjustments necessary to keep a roof over their head and food on the table? Yes or no?
If your answer is yes, I can't see a disagreement.
However, if your answer is no, who should be responsible for making financial adjustments to conform to realities?
I assume you read the article that Citizen Zed posted, which had to do with the concept of savings. Of people putting money away for their future.
Right? Do you agree the article is about why people aren’t saving and don’t have enough to last a week without a paycheck?
And one further question: If you are one week away from being out on the street as the article says, but you go to restaurants, buy a new 80 inch television, and buy new cars every two years, do you bear any personal responsibility for your welfare when something happens and you cannot survive a week without a paycheck?
Bull sh*t.
If ya don't think reckless country killing corrupt/controlling government and their corrupt Wall Street associates are not directly responsible for decimating the economy of millions in Middle America, I can't help ya.
I am not looking for your help. And I still don’t see where you get the idea that I have disassociated what is happening in government to what has happened to the economy. I honestly don’t see that.
We as conservatives (which I assume you view yourself as such) believe in smaller government, which means managing more of our own affairs as best we can so that we don’t become a burden on our fellow citizens.
Do you agree that someone who is one paycheck away from the street should buy a new, high-prices smart phone? Yes or no? It is just an example, but how do you answer that question?
No offense, but you’re FOS. You should work for Obama and tell Middle America they’re lazy and the reason they’re in decline is because they bought too big of tv’s and they take too many vacations like he does.
LOL! Write Obama a letter to tell him to use that in the next State of the Union speech.
You can take the credit for it!
dragnet2, I would appreciate it if you would keep it civil.
You didn’t answer my question. Would you answer, yes or no. It is a simple question: If I am a week away from being on the street because I have no savings, should I purchase a new, high-priced smart phone?
What would YOU do, dragnet2?
You’re back on the phones again? Cell phones ruined millions of Americans and devastated the economy. TVs and phones did them in. Right?
You’re fortunate I am keeping it civil. You caught me in a good mood. And you’re still FOS. See no bad words.
Do you believe individuals have a responsibility to handle their own affairs? Yes or no?
I am unsure why you can’t answer a simple question, yes or no.
If your living one pay check from the back seat of your car, your not buying high-priced smart phones slick. What world do you live in?
Where do get this bull sh*t?
You’ve convinced me you’re all but detached from the real world. You’ve suggested Middle America would be doing fine but since they spend too much money on luxuries like TVs and phones, it’s put the economy into a tail spin.
Wowza. Btw, thanks for the humor.
Cheers.
I presume you read the article. In it they said: "... Just 46% of the highest-income households ($75,000-plus per year) and 52% of college graduates lack enough savings to cover a $500 car repair or $1,000 emergency room visit. And while those figures could still be lower, Americans are willing to cut back on at least some expenses when money is tight: 58% say they're "very/ somewhat" likely to cut back on eating out, are likely to decrease their cable bill and 41% are likely to spend less on coffee at places like Starbucks, while 39% will seek out lower-cost cellphone bills..."
What do YOU get out of that?
If 58% say they are very/somewhat likely to consider eating out less, what about that other 42% Did they say they wouldn't?
If 41% say they might spend less on high-priced coffee, what about that other 59% Did they say they absolutely wouldn't?
If 39% of those people surveyed said they would try to lower their cell phone costs, does that mean 61% would spend the money to have a new phone and more data before they would consider setting aside that money in case their car broke down?
The article says that people would do just that (which are the people in the OTHER side of those equations) buy expensive coffee, eat out, keep their HBO, and maintain an expensive cell phone plan BEFORE they would set aside money to fix a car, get a tooth filled, or fix a water heater.
What do you think that survey means? The other side of those percentages aren't 10 or 20 percent. They are huge percentages. THAT is where I get that.
And I get that in addition to real-life observations.
If you disagree with the article, why don't you say so and give some rationale, instead of calling people "stupid", "out of touch", "FOS" and any other number of epithets.
Why don't you discuss the article linked in the thread?
No. I never said that, or implied it anywhere in any post.
If it provides you with "humor" to live in that make-believe world, I won't deny you that.
The fact of the matter is, you said those things, and attributed them to me, which is simply wrong. Not once in a single post did I address anything about people's spending habits "putting the economy into a tailspin". Never. It is right there on the Free Republic web pages.
From the very first post on this thread that I entered, I have maintained two things: First, that there are people who cannot save money because they don't have it, and are not part of this discussion. Second, there are plenty of people out there who CAN put aside money, even if it doesn't make any interest because the economy is in the dumps, but they don't have their priorities straight.
If I were to deny (as you do) that there are a significant number of people in this country who do not have the inclination, desire, or common-sense to put aside enough money to go a week without a paycheck, I would not be the one on this thread who is "detached from the real world" or "out of touch".
No. I never said that, or implied it anywhere in any post.
So you're only speaking of those who spend every penny on luxuries and ignoring tens of millions of Americans who lost their pensions, jobs, careers, homes, investments, benefits and healthcare due to terrible corrupt and reckless leadership.
Right?
Where have I said that? Where? All the words are on Free Republic, right there, you don't have to go anywhere else, just scroll up the page.
Where did I say or infer that ANYONE would be "fine" if they didn't "spend too much money on luxuries like TVs and phones, it's put the economy into a tail spin"
Where? All you have to do is cut and paste into a post, showing me where I said it, and I will completely tell you I am wrong, misguided, and anything else that would satisfy you, though I doubt anything anywhere in world is going to do that.
But you won't do it. You won't, because you CAN'T dragnet2. You are so filled with rage at something or someone, or you are off your meds, or whatever it is that fills you with irrationality and bile, that you simply make it up in your head and that is your reality.
I don't know what your issue is. I was willing to give you some kind of benefit of the doubt, feeling bad for you being angry and irrational because you live in a crap-hole of a state that people are leaving as fast as they can, and you feel trapped, or whatever.
I don't know. But your act is old. I didn't know anything about you, so I read your posts to try to figure out what is driving you.
Do you know what I found from reading your posts to other users? I found someone who is incapable of engaging in rational discourse, posting a single line or two of text when you do post, if it simply isn't an animated gif. And when you do have discourse with others, you must have an entire scrapbook full of abusive phrases, words, and acronyms. Absolutely nothing of substance. Worthless. I see your start date is 1998. Congratulations, you probably think that is some kind of license to be a jerk to people. I usually give some leeway to people like you, because I usually value the institutional experience someone like you might bring. But you don't bring anything to the table. Reading your posts, all you seem to do is lash out at people and be abusive.
Sucks to be you, whoever you are, because after reading a few pages of your posts to other Freepers, it is apparent you have obvious problems. You have a reality in your head, and that's it.
I suggest you step away from your keyboard and take a look at life out there. It isn't always that great, but it is better than being holed up behind your keyboard, making things up in your head and lashing out at anyone who hits you wrong at any given second.
I doubt you will do as I ask, and find something that says everything would be fine if people didn't spend so much. That much is clear. But go ahead, rail if you will. I hope you find comfort in the fact that you will get the discussion you richly deserve.
Good luck to you, you need it.
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