The more illegals we have showing up at Walmart, the higher the price of everything goes.
Great, on top of everything else we are now poor.
People who don’t know how to handle their money can live ‘paycheck to paycheck’ on $500,000 a year.
Jed Clampet would say “ wee doggie , high on the hog”.
I’ve never made even CLOSE to $100K a year in my entire life, and likely never will. I could live like a king on $100K a year.
Is that per worker or per household? Most households have more than one wage earner.In suburban Kansas City I’d guess that $100K a year makes for a comfortable life. In,or near,NYC...or San Francisco...or other east or west coast cities...not so much.
Debilitating debt spiral.
“The vast majority - about 78 percent - of Americans earning less than $50,000 a year report living paycheck to paycheck, according to the survey.”
Fifty grand taxed followed by rent, fuel, utilities, anuto/ins and food alone would be quite a burden.
Some people live paycheck to paycheck on 400k a year and more, it’s a voluntary thing.
The total tax burden is hard on people at those income levels because of Social Security and Medicare. Once they break above $150,000 or so it starts to get better - so Biden’s donors aren’t too squeezed. :)
It doesn’t surprise me.
Consider what a degreed, single, 30 year old is looking at:
- New homes (e.g. like here in southeast Michigan) @ 2500 sq ft are going for $700,000. A 30 year mortgage, at 7% interest, excellent credit, including PMI and homeowners insurance, comes to MORE THAN $5000/mo.
- Student loan debt of $30,000 at 8% interest - at least $500/mo.
- New cars averaging over $40,000. At 7% interest - at least $500/mo.
So without including other insurance (car), food, utilities (water, heat, electricity) you’re already at $6000/mo. We haven’t even considered gas, cell phone, internet, etc., which are essential as part of today’s world.
Considering Fed/State income taxes - let’s just assume %30 total...your take home is $70,000, or $5833/mo.
Sure, you don’t need a new home or a new car. You can get an OK house for $300,000, even then you’ll still be paying a total of $3000/mo. with these rates. Good luck getting a car payment under $300/mo. So at best you’ll be under $6000/mo. - or right around what you make. Now add unexpected costs (e.g. car repairs, etc.).
Now consider you’re the primary income with a young family, or worse, SINGLE income.
So while this is all approximate, it’s pretty close. If you’re an old timer that paid off your mortgage years ago, with a house that cost less than $200k when purchased, you’re nowhere near what today’s costs are.
Today, $200k/yr is the new $100k/yr and $100k/yr is nothing today - and I’m not talking about the more expensive areas of the country either.
Well, at least a majority of americans are stupid (most of them call themselves democrats) so this story checks out.
I’m retired and I have made sacrifices so that I can save 30% of my retirement income each month. Those savings will be used for new cars, home renovations and things like travel. Granted, I have zero debt. No car loans. No mortgage. No credit card balances. That takes a plan and a mindset that began decades ago.
This immediately gratification crap falls apart rather quickly and there is rarely gratification without sacrifice.
I’m sorry, but you really have to be bad with money if you’re earning over $100K and are living paycheck to paycheck. Unless you have six kids and all six have significant medical issues, I cannot see it.
Decide to treat it like the govt does.......
Hm. It looks like they should really say that Americans earning that much money SPEND from paycheck to paycheck.
High income people increase spending to match their income. Nothing new.
Unless you have experience some sort of health or property disaster beyond your control and you are taking in over 100K and are living hand to mouth you are a financial idiot.
what the hell about we who are retired and not govt retirees?...decades of hard work to invest in a 401k and in and for what?....taxes are killing us....
I made a fraction of that, and I am just fine. New car. House paid off. I wouldn’t even know how to spend that kind of money every year.