Posted on 04/20/2016 7:58:31 AM PDT by pabianice
Since 2013, the Federal Reserve Board has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth-shattering: 49 percent of part-time workers would prefer to work more hours at their current wage; 29 percent of Americans expect to earn a higher income in the coming year; 43 percent of homeowners who have owned their home for at least a year believe its value has increased. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?
Well, I knew. I knew because I am in that 47 percent. True Money Stories Americans weigh in on financial shame Read more
I know what it is like to have to juggle creditors to make it through a week. I know what it is like to have to swallow my pride and constantly dun people to pay me so that I can pay others. I know what it is like to have liens slapped on me and to have my bank account levied by creditors. I know what it is like to be down to my last $5—literally—while I wait for a paycheck to arrive, and I know what it is like to subsist for days on a diet of eggs. I know what it is like to dread going to the mailbox, because there will always be new bills to pay but seldom a check with which to pay them...
(Excerpt) Read more at theatlantic.com ...
Welcome to Obamaville
I agree with the mailbox thing. It is always either bills or junkmail.
And it won’t get better as long as the Republicrats are in control.
“The mass of men lead lives of quiet desperation. What is called resignation is confirmed desperation. From the desperate city you go into the desperate country, and have to console yourself with the bravery of minks and muskrats. A stereotyped but unconscious despair is concealed even under what are called the games and amusements of mankind. There is no play in them, for this comes after work. But it is a characteristic of wisdom not to do desperate things.”
HDT 1854
I wonder how many of these people have cell phone bills of over $200/month and cable TV/internet bills of another $200/month. How often do they eat out, get their nails done, go to movies, etc.? How much are they spending on alcohol and tobacco products?
IMHO, far too many people are careless with their monthly budgeting due to a feeling of being entitled to so many services.
All I know is, as I’ve worked hard my entire career, the last 8 years have devastated my chances of ever having a comfortable retirement...if I get to retire at all.
I will always HATE Obama and the wimpy republicans for that.
It turned from shame to anger awhile ago.
Ergo Trump.
The federal government has been waging war on the middle class since the 1960’s and it shows.
Every politician promises to fix it, but we get more of the same except for Reagan and probably Trump.
This is a trend that started in Carterville.
And that in a nutshell is why people are voting for Trump. Because as horrible as abortion (or fill in any other social crusader or national security issue, for the same effect) is, it’s an abstract non-issue to a person who is on the edge of homelessness and starvation.
Exactly. The writer's part time maximum wage was 39 1/2 hours, now with Obamacare it is 29 1/2. That's a YUGE reduction.
It's time to punish the Democrats for this Abomination they foisted on the American People.
“the last 8 years have devastated my chances of ever having a comfortable retirement”
As I’m sure you already know, that was the objective all along, to make you (us) dependent on “them” for everything.
PS we thought this would change with Newt and the contract with America. That was when GOPe slipped the knife in and joined in the slaughter of the American people.
this is a trend that started in Wilsonville
Federal Reserve Act + Income Tax
took 100 years to deplete the wealth of the nation, but they’ve finally taken it all, or close enough
Hopefully he got at least $400 for writing this article.
The fundamental issue is that almost everyone in the US has seen their wages decline in the last two decades while almost the entirety of the economic growth has accrued to the top 1%.
Amen! I’m hoping that I can find work till I’m 70 (or later)... Our retirement money got wiped out in 2008-2009 when my husband and I were both unemployed.
Even if you can scratch together the money to save, there is no incentive to do so. It is a perfectly rigged game.
I can’t feel too sorry for this guy. He lives in the Hamptons, sent his two children to expensive private schools and colleges, and admits he is financially illiterate. Boo hoo.
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