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Thread: Nearly Half of America Lives Paycheck-to-Paycheck & the GOP Elite are Pushing Amnesty

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    Senior Member AirborneSapper7's Avatar
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    Nearly Half of America Lives Paycheck-to-Paycheck & the GOP Elite are Pushing Amnesty

    Nearly Half of America Lives Paycheck-to-Paycheck

    By Christopher Matthews @crobmatthewsJan. 30, 2014
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    The economic picture is looking brighter these days. The federal government announced Thursday that economic growth had picked up to its fastest pace in two years, while employment growth over the past five months has averaged a healthy 185,000 new jobs. But as evidenced by a report out Thursday from the Corporation for Enterprise Development, nearly half of Americans are living in a state of “persistent economic security,” that makes it “difficult to look beyond immediate needs and plan for a more secure future.”
    In other words, too many of us are living paycheck to paycheck. The CFED calls these folks “liquid asset poor,” and its report finds that 44% of Americans are living with less than $5,887 in savings for a family of four. The plight of these folks is compounded by the fact that the recession ravaged many Americans’ credit scores to the point that now 56% percent of us have subprime credit. That means that if emergencies arise, many Americans are forced to resort to high-interest debt from credit cards or payday loans.
    And this financial insecurity isn’t just affected the lower classes. According to the CFED, one-quarter of middle-class households also fall into the category of “liquid asset poor.” Geographically, most of the economically insecure are clustered in the South and West, with Georgia, Mississippi, Alabama, Nevada, and Arkansas being the states with the highest percentage of financially insecure.

    http://business.time.com/2014/01/30/...k-to-paycheck/
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    Senior Member AirborneSapper7's Avatar
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    American Majority

    In a first, working-age people now make up the majority in U.S. households that rely on food stamps - a switch from a few years ago, when children and the elderly were the main recipients. http://buff.ly/Lfksd3
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    Senior Member AirborneSapper7's Avatar
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    Someone needs to kick the GOP in the ASS for even contemplating Amnesty
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    Senior Member AirborneSapper7's Avatar
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    Nearly Half Of America Lives Paycheck-To-Paycheck


    Submitted by Tyler Durden on 02/01/2014 14:45 -0500

    While stocks are still near record highs and the inventory-stuffed picture of economic growth for the US ticks up to its fastest pace in 2 years, Time reports that a study (below) by the Corporation for Enterprise Development (CFED) shows nearly half of Americans are living in a state of “persistent economic insecurity,” that makes it "difficult to look beyond immediate needs and plan for a more secure future." In other words, too many Americans are living paycheck to paycheck... but their findings get worse.

    As Time notes,

    The CFED calls these folks “liquid asset poor,” and its report finds that 44% of Americans are living with less than $5,887 in savings for a family of four.

    The plight of these folks is compounded by the fact that the recession ravaged many Americans’ credit scores to the point that now 56% percent of us have subprime credit.



    That means that if emergencies arise, many Americans are forced to resort to high-interest debt from credit cards or payday loans.

    And this financial insecurity isn’t just affected the lower classes. According to the CFED, one-quarter of middle-class households also fall into the category of “liquid asset poor.”

    Geographically, most of the economically insecure are clustered in the South and West, with Georgia, Mississippi, Alabama, Nevada, and Arkansas being the states with the highest percentage of financially insecure.



    Full study below:

    2014 Scorecard Report

    http://www.zerohedge.com/news/2014-0...check-paycheck

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    Senior Member AirborneSapper7's Avatar
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    Millions of Americans Teetering on Edge of Financial Ruin

    Kurt Nimmo
    Infowars.com
    February 5, 2014

    A poll conducted by NBC News and Marist paints a bleak financial picture for millions of Americans. Nearly 20 percent, more than 40 million Americans, say they have a difficult time making ends meet.



    Sen. Ted Cruz: Income inequality caused by big government.

    The poll follows the results of a report released last year by the U.S. Census Bureau. It showed household income steadily declining since the Great Recession began in 2007. Median income in 2012 was $51,017 a year, down from $51,100 the year before. In 1999, median income was $56,080 when adjusted for inflation.

    The report also showed 46.5 million Americans mired in poverty.

    Last January the Commerce Department reported personal income had fallen 3.6% that month, the largest decline in 20 years. Taxes and inflation made the decline even bigger. Disposable personal income fell by 4%. It was the largest loss in half a century.

    According to the NBC News/Marist survey the tipping point is $50,000 a year. 30 percent of adults earning less than $50,000 per year describe their finances as weak while only 5 percent of those who earn more say the same. “Americans 45 to 59 years old, who may still be supporting their children while at the same time caring for parents, are more likely than other age groups to say their money situation is faltering. One in five members of this generation — 20 percent — says their household finances are weak.”

    Debt is a factor. The poll revealed that nearly 10 percent, 22 million Americans, are trapped in debt.

    “Americans who earn less than $50,000 a year are four times more likely than those who make more to be overwhelmed by their level of debt. 16 percent of those with an annual salary less than $50,000 experience significant financial stress compared with only 4 percent who earn more.”

    As of January 2014 the average credit card debt in America stood at $15,279. The average mortgage debt is $149,925 and the average student loan debt load is $32,250. In total, Americans owe a staggering $11.36 trillion in debt and $856.9 billion in credit card debt.

    Census Bureau figures and polls, however, do not show the primary reason for declining incomes and the erosion of the middle class. Obama and the new Federal Reserve boss, Janet Yellen, say income inequality is a serious problem, yet they do not explain why and they never will.

    The precipitous decline in middle class wealth is largely the fault of the Federal Reserve and government economic policy. The Federal Reserve enables deficit spending by government and fractional reserve lending by banks. It does this by creating money out of nothing. This influx of new money dilutes the value of existing currency and creates inflation. This represents an invisible tax government never talks about.

    “Unfortunately no one in Washington, especially those who defend the poor and the middle class, cares about this subject,” Ron Paul notes. “Instead, all we hear is that tax cuts for the rich are the source of every economic ill in the country. Anyone truly concerned about the middle class suffering from falling real wages, under-employment, a rising cost of living, and a decreasing standard of living should pay a lot more attention to monetary policy. Federal spending, deficits, and Federal Reserve mischief hurt the poor while transferring wealth to the already rich. This is the real problem, and raising taxes on those who produce wealth will only make conditions worse.”

    The NBC News/Maris poll says most Americans believe the economy is getting better and their financial situation will improve. Unfortunately, there is little evidence to bear this out. So long as the Federal Reserve controls money, the situation will continue to get worse. The solution to income inequality and encroaching rates of poverty is not a tax on the rich. It is abolishing the Federal Reserve and eliminating the control the financial class on Wall Street has over the issuance of money.

    This article was posted: Wednesday, February 5, 2014 at 9:52 am

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