Posted on 07/24/2011 8:45:13 PM PDT by blam
Broke! 10 Facts About The Financial Condition Of American Families That Will Blow Your Mind
July 24, 2011
The crumbling U.S. economy is putting an extraordinary amount of financial stress on American families. For many Americans, "flat broke" has become a permanent condition. Today, over half of all American families live paycheck to paycheck. Unemployment is rampant and those that do actually have jobs are finding that their wages are rising much more slowly than prices are. The financial condition of average American families continues to decline and this is showing up in all of the recent surveys.
For example, according to a new Gallup poll, "lack of money/low wages" is the number one financial concern for American families. To make ends meet, many American families are going into even more debt and more American families than ever are turning to government assistance. Right now, more Americans than at any other point since World War II are flat broke and have lost hope. Until this changes, the frustration level in this country is going to continue to grow.
The following are 10 facts about the financial condition of American families that will blow your mind.....
#1 Only 58 percent of Americans have a job right now.
#2 Only 56 percent of Americans are currently covered by employer-provided health insurance.
#3 The median yearly wage in the United States is $26,261.
#4 The average American household is carrying $75,600 in debt.
#5 Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
#6 At this point, American families are approximately 7.7 trillion dollars poorer than they were back in early 2007.
#7 The poorest 50% of all Americans now own just 2.5% of all the wealth in the United States.
#8 According to one study, approximately 21 percent of all children in the United States were living below the poverty line in 2010.
#9 Today, there are more than 44 million Americans on food stamps, and nearly half of them are children.
#10 According to Newsweek, close to 20 percent of all American men between the ages of 25 and 54 do not have a job at the moment.
So what is causing all of this?
Where in the world did all of the good jobs go?
Well, the truth is that millions of them have been shipped overseas.
Our politicians promised us that merging our economy with the economies of other nations where it is legal to pay slave labor wages to workers would not create more unemployment inside America.
They were dead wrong.
Now we are being told that we just need to accept a lower standard of living.
For example, billionaire Howard Marks says that it is time for all of us to just accept that the standard of living of American workers is inevitably going to decline to the level of the rest of the world....
"In addition to balancing the budget and growing the economy, I think we have to accept that the coming decades are likely to see U.S. standards of living decline relative to the rest of the world. Unless our goods offer a better cost/benefit bargain, there’s no reason why American workers should continue to enjoy the same lifestyle advantage over workers in other countries. I just don’t expect to hear many politicians own up to this reality on the stump."
Are you willing to accept that?
Well, most Americans appear to be willing to accept this "new reality" because they keep sending most of the exact same bozos back to Washington D.C.
Meanwhile, the job losses continue to get worse. As I wrote about the other day, as the U.S. economy has started to slow down again we are starting to see another huge wave of layoffs all over America.
It doesn't take a genius to figure out where all of our jobs are going. But unfortunately, most Americans don't understand what is happening because neither the mainstream media nor our politicians are telling them the truth.
For much more on how millions of our good jobs are being shipped out of the country, please see another article I recently published entitled "How Globalism Has Destroyed Our Jobs, Businesses And National Wealth In 10 Easy Steps".
But it is not just the globalization of the economy that is destroying our jobs.
The federal government bureaucracy has become so oppressive that it is amazing that anyone is still willing to hire workers in this day and age.
Hiring workers has become so complicated and so expensive that many small business owners want to avoid it at all cost.
For example, a small business owner identified as "007" recently left the following comment on one of my recent articles....
Speaking as a small employer, I would rather have a root canal than another employee. Let’s see. You first have to hire someone you trust without some labor lawyer suing you for some type of discrimination. Then you have OSHA to make sure your work place is safe. Then you have workmans compensation insurance, unemployment taxes, health insurance, liability insurance, now Obamacare. Oh be careful not to be deemed to have a “hostile work environment”. Then you have to negotiate the labor laws. The Department of Labor is constantly cranking out regulation.
Then you get the pleasure of paying payroll taxes both state and federal along with the required filing of a multitude of payroll forms. Miss filing or paying these taxes and you will be crushed with interest and penalties.
Of course, you are competing with businesses that can hire at a fraction of the cost of American Labor and with very little regulations. In this economy, no one in their right mind is hiring into this unstable and declining economy.
If business turns down all you have to worry about is laying off workers. Of course your unemployment insurance tax will go up 200% for years. Then you only have to then worry about a wrongful termination law suit.
If you happen to navigate all of these hurdles and make a profit, watch out for greedy unions waiting to suck the life out of your business. Then you face Obama and the socialist democrats at the end of the day wanting to redistribute your wealth demanding crushing taxes that strip away your working capital. He wants to redistribute it to people who don’t work or pay tax at all.
My view, let someone else be the crazy hero to put their life savings at risk to hire employees in this hostile employer environment. I think I will just get a computer to answer my phones, computerize every function of the office, I even have robot floor cleaners to avoid cleaning crews.
Truth is this country has made having employees a tremendous, beuracratic, expensive, legal risk. I am trying to keep the employees I have. However, this golden goose is on strike and will not be hiring further until it makes economic sense to do so.
The entire system is stacked against American workers.
If you are a blue collar worker, you should give up hope that things are going to get better. The system has failed you.
You can stop waiting for the "good jobs" to come back.
They aren't coming back.
That is one reason why I try to encourage everyone to become more independent of the system.
As our economic system continues to degenerate, Americans are going to become increasingly desperate.
Sadly, desperate people do desperate things. Already we are starting to see signs that the fabric of American society is starting to be ripped to shreds.
So what is going to happen if the economy gets even worse?
There is a limit to how many people we can actually put in prison. The reality is that the number of Americans in prison has nearly tripled since 1987.
Our prisons are already dangerously overcrowded. As society falls apart, many communities will simply not be able to shove more people behind bars.
Even with our prisons stuffed to the gills, many of our largest cities continue to be transformed into absolute hellholes.
Detroit is now the 3rd most dangerous city on the entire planet and New Orleans is now the 9th most dangerous city on the entire planet.
So what are our leaders doing about all of this?
Well, they appear to be too busy fighting with each other and cheating on their wives to do much about our problems.
According to Politico, U.S. Representative David Wu is the latest member of Congress to be accused of a sex scandal....
Rep. David Wu has been accused of an “unwanted sexual encounter” with the teenage daughter of a longtime friend, the latest scandal to engulf the troubled Oregon Democrat.
This country is a complete and total mess. Tens of millions of American families are flat broke and are about to slip into poverty. Meanwhile, our politicians continue to prove that they are some of the most corrupt on the planet.
There are many out there that still believe that America has a bright future ahead.
It is getting really hard to see why anyone could possibly believe that.
The unions priced themselves out of a job. That is why manufactures go overseas....If you can buy and ship steel from overseas cheaper than buying it in the US, don’t blame the government all alone, blame the unions and now union bennies are bankrupting cities across the country....Don’t believe 1/2 of what this article says. The other half they have to post proof.
Business owner 007 is spot-on. Businesses move overseas because our Governments force them. Either you stay in the US and go bankrupt due to ever-increasing regulations and taxation stifling your business, or you move overseas and keep at least a few people employed here (including the owners).
US businesses is surviving - barely - in spite of the Government, not because of it. And with the increasing tempo of “tax the rich!” from the Left, it’s only going to get worse. If you own a business in the US, then you must be one of those evil rich who doesn’t pay their fair share, and is probably screwing every employee over.
After all, our President said the reason the economy’s not moving is because US business isn’t hiring enough people - it’s not doing its part to get things going.
So if you own a business, go hire a half dozen people, don’t worry about negative cash flow, and prepare to spend lots more tax dollars. Our Government expects it from you, and it’s what you need to do to support our Government.
You bunch of greedy SOBs...
/S
Here in the Pacific Northwest, it's cheaper to cut down logs, ship them China or South Korea, have them prepped, cut, processed and shipped back as finished lumber than do it in the US. Predominantly because of the taxation and regulatory costs we inflict on our own businesses.
“#1 Only 58 percent of Americans have a job right now. “
Adult Americans? Or does this include minors?
Bfl.
I was happy to see that the Garlic Granules at Costco are a California products.
As for “making” people work as suggested by the poster, just let the poverty make them. Gunpoint is not necessary. Just remove welfare.
Free trade - corporations give half the jobs to China and India, and the other half is taken by illegal immigrants and low cost H-1B guest workers. US taxpayers are stuck with taking care of the unemployed American workers.
Ping!
The middle class is being tooled so we will accept that we are not really poor because we should get on the plantation and big mama government will take care of us. They are making you want to believe you will still have all these goodies as they rip the rug right out from under you.
Unfortunately by doing this, you have given up any hope that your life will be meaningful as well as future generations.
Welcome to my life, since 2006. My wife and I have almost become numb to deprivations that we would have thought unthinkable, just five years ago.
If I wasn't a born optimist, I couldn't survive it. I'm just looking forward to next year, when we throw Obama's ass to the curb, and start getting this country back on the right track.
Really good post.
I expect part of the issue is that those non-union blue collar workers aren’t as reliable a voting block as blacks, gays, Hispanic illegals and their legal friends, etc. So the Left’s top echelons don’t pay them much attention.
Why isn’t Obama doing anything to bring US jobs back?
*************************************************************
I despise Obama and all he stands for but how can he or any other president “bring jobs back”?
In order to sell your product it must be priced competitively in the marketplace. Pricing includes all aspects of production including labor costs, materials, taxes, etc. Because of excessive labor, material and taxation costs in America relative to the emerging nations, a “widget” which is produced here must sell for $100.00 while one imported from China will sell for $60.00. Which one would you buy, all things (quality) being equal?
Over regulation has killed the “Frontier Spirit” in America as the letter from the small businessman within the article explains so well. One of the major reasons jobs went overseas is simply because more money can be made that way. It’s really no more complicated then that.
“The unions priced themselves out of a job. That is why manufactures go overseas.....”
Over the past 20 years the textile and furniture industries moved manufacturing overseas. Most of the workers were non union. Most were conservative Chistians in small southern towns. The move of these industries was financed by northern banks. Today the former mill towns have high rates of unemployment and few middle class jobs as wel as rising crime and an inundation of illegal immigrants. The Wall Street bankers are receiving record bonuses. Follow the money.
Unions may have been a factor in some industries but the non union workers have been hit just as hard by outsourcing. This is all about destroying the nation’s industrial infrastructure and the accumulation of wealth by the enablers.
You don’t think you should use pert time workers data when calculating average income?
Jobs that used to be full time are now part time in many sectors, the main being retail. These are the majority of all jobs I have seen in the want ads.
Not using part time wages to determine average wage is like not using people that gave up looking for work for unemployment data or not using the price of food and fuel for calculating inflation.
Wait, never mind.
pert = part
ping
In order to beleive your argument then somebody would have to think that if we eliminated ALL FedGov™ regulations then the outsourcing of our industrial base would suddenly stop. Yeah right. A convenient excuse for selling out your country - oh those unions - oh that govt, regulation. BWAHAAAA.
BTTT
If you’re a Democrat..hey that’s progress!!!
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