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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums76 million American adults say they are struggling financially.
...The Fed survey highlights many of Americans' continuing economic worries. Some 46% of adults say they can't cover an unexpected $400 expense or would have borrow or sell something to do so
While lower income Americans said they'd have the toughest time handling this emergency charge, some 38% of middle class Americans reported they'd have trouble too. Even 19% of those raking in over $100,000 a year said they couldn't pay the bill promptly.
About one-third of Americans also say that their income varies month-to-month, mainly because they have an irregular work schedule. Some 45% say their expenses shift each month. Some 42% of those with these volatile income streams or expenses say they struggled to pay the bills at least once in the past year...
...But nearly one-third of non-retired adults have not socked away anything for their Golden Years nor do they have a pension. This includes 27% of those age 60 and older.
This is probably why many Americans plan to continue working when they hit retirement age. Some 42% expect to either retire at age 70 or older or to never retire...
http://money.cnn.com/2016/06/10/news/economy/americans-struggling-financially/
The link also shows a graphic stating that 66% of American wealth is held by millionaires, more than double that of Western Europe.
This is unacceptable. Why aren't we doing better than this?
RKP5637
(67,107 posts)Americans are manipulated and propagandized all over the place. If one stands back and looks at the situation today in America, it's deplorable. And much of it's swept under the rug.
raindaddy
(1,370 posts)Americans work longer hours for less money than any major country in the world. Pay more for healthcare, higher education, lack modern public transportation. No wonder the suicide rate has skyrocketed..
They've also lost their representative government. Haven't heard much about how the Dem candidate for President plans to change the fact that we're living in an oligarchy.. I'm sure she'll develop a plan to place us back on the road to democracy and let us know before the general election..
hobbit709
(41,694 posts)Barack_America
(28,876 posts)...why has so little changed?
Obviously, Congress has played a large role, but why am I not hearing every Democrat decrying this?
hobbit709
(41,694 posts)The ones that managed to enrich themselves while the rest of us went broke.
davidn3600
(6,342 posts)onecaliberal
(32,852 posts)And their seats.
Barack_America
(28,876 posts)And it's sadly obvious that it's true.
onecaliberal
(32,852 posts)2.5 million votes will not be counted. They are brain dead enough to think those people are going to vote in November. It's not going to happen. If they do vote it won't be for her. Everyone I've talked to in my general area is steaming mad about what happened in the California primary and before.
RKP5637
(67,107 posts)many, primordial, survival of the fittest and all of that.
Just reading posts
(688 posts)I'm not exactly rich (I make roughly $60K/year plus benefits). And yet....
The Fed survey highlights many of Americans' continuing economic worries. Some 46% of adults say they can't cover an unexpected $400 expense or would have borrow or sell something to do so While lower income Americans said they'd have the toughest time handling this emergency charge, some 38% of middle class Americans reported they'd have trouble too. Even 19% of those raking in over $100,000 a year said they couldn't pay the bill promptly.
I would find paying an unexpected $400 bill trivial.
About one-third of Americans also say that their income varies month-to-month, mainly because they have an irregular work schedule. Some 45% say their expenses shift each month. Some 42% of those with these volatile income streams or expenses say they struggled to pay the bills at least once in the past year...
My income is steady as a rock.
...But nearly one-third of non-retired adults have not socked away anything for their Golden Years nor do they have a pension. This includes 27% of those age 60 and older. This is probably why many Americans plan to continue working when they hit retirement age. Some 42% expect to either retire at age 70 or older or to never retire...
$200K in my retirement fund, and I'll get a pension when I retire in a couple of years at age 56.
This is not to say that my experience is typical by any means. I simply point it out to show that saying you have to be in the 1% or be a "minion" of them to be financially secure is something of an overgeneralization.
hobbit709
(41,694 posts)All it takes is one major crisis and you're done for.
Just reading posts
(688 posts)was diagnosed with stage III cancer. I had to miss half a year of work, and had medical bills which totaled over $300,000.
Luckily, my insurance paid 100% of the bills after the first $5K, and my savings were sufficient to tide me over while I recovered, although they did take a major hit. I've since built them back up.
Barack_America
(28,876 posts)My feeling is that it is families who are struggling the most. So many more expenses to stretch that income across.
I know my family's childcare costs, for example, are our largest expense. And that's not even for full-time care.
Just reading posts
(688 posts)One of the reasons I decided not to have children was, frankly, self-interest. I want to spend my money on me. As a result, I can (for instance) afford to fly to England and spend a week there pretty much on a whim. This would very much not be the case if I was raising a family!
I know my family's childcare costs, for example, are our largest expense. And that's not even for full-time care.
I can only imagine.
Barack_America
(28,876 posts)And while you can argue that the new economic reality is that people should just not have kids, even that decision would ultimately negatively impact the economy, in terms of workforce.
So the fact remains that income inequality is ultimately going to destroy our economy.
Just reading posts
(688 posts)is, "I'd love to do that, but I've got kids".
So the fact remains that income inequality is ultimately going to destroy our economy.
I don't know about "destroy"....I don't anticipate "Mad Max" being a reality any time soon....but it's certainly going to have a negative impact, yes.
Yo_Mama
(8,303 posts)That's why you have a retirement fund and those with kids don't.
Also, you have unbelievably good insurance that 95% of Americans don't get.
When you have a child, there are medical expenses, seemingly endless school costs, etc. Life is more uncertain and vastly less under your control.
Glad you beat the cancer!!!
jtuck004
(15,882 posts)Igel
(35,300 posts)54% would have no problem.
Even among the bottom 46%, it's unstated why the'd have a problem coming up with $400 quickly. I know if I had to, I'd borrow. I'd put it on a credit card.
Could I write out a check? Sure. It's inconvenient. My parents could have written a check for the equity I have in our house as well as my savings (both retirement and emergency) as well as the outstanding mortgage on my hosue ... with a month's notice. But on the spur of the moment, not. They, too, would have put the $400 on credit.
I know families making $200,000 a year who wouldn't be able to cough up $400 in cash on short notice. They live in $400k houses and the mortage is a killer.
Similarly, my income varied from month to month when I was in my 20s. At the same time, it was rock solid. I got paid every 2 weeks. Two months per year I got three paychecks. When I was in my 30s it also varied--I got paid during the school year for most of my income, but did part-time work that varied year round.
So we hear the numbers and make assumptions as to what's behind them. There's a lot of variation there, but we dispose of all of that because we know the single real reason. Now, a majority of those are likely going to be poor, hourly workers; but many of those won't be poor, and many will vary for all sorts of reasons. An optometrist in private practice has variable income; a sales agent primarily on commission has variable income. However there's no breakdown, so a majority is "likely" and might just be 51%. The rest of the argument is beliefs, those things we see and assume are 100% of the facts, and those must not be questioned.
HereSince1628
(36,063 posts)Which I think really -could- be a misspelling of what is intended to be "he van" which you can find without wheels down by the river.
SmittynMo
(3,544 posts)But we decided on an oligarch instead. Sorry guys.
RKP5637
(67,107 posts)sharpest voters.
Barack_America
(28,876 posts)...over time, plotted against television viewership and newspaper readership.
RKP5637
(67,107 posts)Ferd Berfel
(3,687 posts)Correcting this problem is NOT part of her ideology.
http://www.democraticunderground.com/10027898122
Our Neoliberal Nightmare: Hillary Clinton, Donald Trump and Why the Wealthy Win Every Time
http://www.truth-out.org/opinion/item/36376-our-neoliberal-nightmare-hillary-clinton-donald-trump-and-why-the-wealthy-win-every-time
90-percent
(6,829 posts)CORPORATIONS OWN YOU! Be happy with what you got.
--90% jimmy
NorthCarolina
(11,197 posts)and would continue to do so post election. Now, not so much.
LiberalArkie
(15,715 posts)We Americans support our oligarchy with pride and our dollars.
Barack_America
(28,876 posts)How bad does it have to get before we say, "enough!"?
I truly wonder.
jwirr
(39,215 posts)people like you are also hurting.
I don't understand your comment.
jwirr
(39,215 posts)happening to the rest of us. And most do not care. That does not mean that you are one of them but that they are not hurting in this economy we find ourselves in.
Sunlei
(22,651 posts)They have totally ignoredall requests to raise the Federal minimum wage from everyone. Even the President has asked for YEARS, in both his terms.
forthemiddle
(1,379 posts)If people went only one to two months without cell phone, cable and Internet they could save that $400 for the emergency. That's not a solution or a put down but a fact without judgement.
A lot of people could come up with the money with just a little creative financing. Does someone that makes over 100,000 a year really struggle or are they just overspending on stuff every month?
Skittles
(153,159 posts)but pay has not kept up at ALL
Fumesucker
(45,851 posts)Barack_America
(28,876 posts)Well, then I guess DU dies in 5 days, if not in traffic, then definitely in soul.
Fumesucker
(45,851 posts)We are going to throw a celebration in honor of this great leap forward in the standard of living, would you care to join us?
Igel
(35,300 posts)With expectations that the norm will be met sometime in the next 30 years.
Fumesucker
(45,851 posts)Barack_America
(28,876 posts)But I do love chocolate.
Fumesucker
(45,851 posts)I don't have a clue what I wrote that they praised me for. My short term memory is spotty, like overclocked RAM I lose stuff here and there.
The sheer number of ways the human mind can go off the cognitive rails is frightening.
My first post was poking gentle fun at our more authoritarian posters who are fond of reminding us how long before the velvet glove comes off the iron hand.
AgadorSparticus
(7,963 posts)felix_numinous
(5,198 posts)to maintain and project such a giant distortion matrix. Since it is not grounded in reality it cannot be sustained indefinitely. The real world made up of millions of real people who are angry and in pain will break through sooner than later.
Rex
(65,616 posts)the middle class. One day an adult that does not worry about personal ramifications will step up and shut it down. I do hope to live to see that day, yet at 45 I doubt it.
bhikkhu
(10,715 posts)That is, people tend to adopt a lifestyle where they spend what they have, and they keep little aside in savings. I do a little better lately myself, but when I have money to set aside I tend to put it in a retirement fund held in stocks. I takes awhile to get cash out, so I'd have a little trouble.
As far as the numbers, 92 million people in the US are in the lower income bracket. Having spent a lot of time there, I have no doubt about how difficult it is to come up with $400 cash on short notice.