Posted on 02/04/2013 1:37:40 PM PST by blam
Nearly Half Of American Families Live On The Edge Of Financial Ruin
Mandi Woodruff
February 4, 2013, 1:19 PM
In the past few years, Americans have learned a thing or two about how quickly disaster can strike.
And with each Hurricane Sandy, housing crisis, and stock market crash that rocks our world, we're faced with the realization that many of us simply aren't prepared for the worst.
A sobering new report by the Corporation for Enterprise Development shows nearly half of U.S. households (132.1 million people) don't have enough savings to weather emergencies, or finance long-term needs like college tuition, health care and housing.
According to the Assets & Opportunity Scorecard, these people wouldn't last three months if their income was suddenly depleted. More than 30 percent don't even have a savings account, and another 8 percent don't bank at all.
We're not just talking about people who living people the poverty line, either. Plenty of the middle class have joined the ranks of the "working poor," struggling right alongside families scraping by on food stamps and other forms of public assistance.
More than one-quarter of households earning $55,465-$90,000 annually have less than three months of savings.
And another quarter of households are considered net worth asset poor, "meaning that the few assets they have, such as a savings account or durable assets like a home, business or car, are overwhelmed by their debts," the study says.
Stuck on the wheel
One of the prolonging reasons consumers have consistently struggled to make ends meet has more to do with larger economic issues than whether or not they can balance a checkbook.
Per the report, household median net worth declined by over $27,000 from its peak in 2006 to $68,948 in 2010, and at the same time
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(Excerpt) Read more at businessinsider.com ...
A scenario such as that is uncharted territory, assuming one owns lots of assets requiring fiat currency to maintain.
Consider the Agenda-21 game, being played out today in many towns and cities, where the purpose is to get people out of their big-carbon-footprint homes into affordable inner-city apartments, with loss of property rights. All of a sudden a “crisis” pops up for which there is already an agenda-based solution for.
We live in interesting times...
Accurately, it’s 47%, and they’re the same ones who vote (D) to keep the handouts comin’ from Obama Money.....
I heard Glenn Beck say today that Monsanto had signed on with the Agenda-21 folks.
About three years ago....I had this guy telling me about his neighbors. The husband and wife were pulling in around $170k per year between them. The house was a $700k house, with $2,400 payments due each month. Both had new cars. Credit cards were maxed to $70k between them. One had student loans in the $40k range still left to go. While they did put money into their 401k, they were mostly broke after that point. If either ever got unemployed....they’d probably go under within six months....because there was no extra cash around except the 401k that they could utilize. Twenty years ago....I wouldn’t have believed a story like that. Today? There are thousands of couples around America in such lousy economic shape.
Besides that....I have an offshore account. And I don't have their kind of money..........
After being unemployed for almost 2 years, out of desperation I accepted a job and am paid my 1992 salary when I was with the phone company....pathetic.
There's no excuse for that. That's a dream income for some of us.
It is not all that great to make more. You will just give it to umbama so he can buy more votes. I wish I made less. It makes me sick how much I have to give the gov.
“More than one-quarter of households earning $55,465-$90,000 annually have less than three months of savings. “
Figures like this have no meaning without context. In rural Alabama, this might make you pretty wealthy; in New York City, you would certainly be on welfare.
“... that’s a dream income for some of us..”
Unfortunately, if you look statistically across the nation.. that is a really nice income. However, I think it depends on the location that you live/work. I hate to say this but if a family in our county/state made 55 grand a year, they would be living in the absolute worst sections of the county. (we are talking about no WIC, housing assistance etc.. just plain income). Apartment rents in not so nice areas go for $1500 a month. Townhomes start at the $300,000 range (and they are in the not so nice area).
The other half never saw the view from the cliff in the first place....
Bookmark
Nothing intended citing them other than an example of respected conservatives with clout; I certainly enjoy both, especially Levin.
Good point that anybody can start an offshore account... and point graciously taken!
“More than one-quarter of households earning $55,465-$90,000 annually have less than three months of savings.
I bet they have lot’s of nice toys though.”
We don’t, but the worthless parasites we feed in the nearby welfare reservation do.
“On the other hand, I’ve seen families do quite well on “minimum wage”. Its all about priorities.”
I don’t know about Texas, but people doing well in NJ on minimum wage are having their rent, groceries, cell phones, and college paid for by me.
Dad dead. Mom close to Medicaid. Sorry
I’m sure you know I was just joking. All the best.
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