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Author Topic: The Reality Is, Half Of Americans Canít Afford To Write A $500 Check  (Read 364 times)
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Pi
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« on: March 06, 2017, 05:25:10 PM »

http://www.zerohedge.com/news/2017-03-06/half-americans-cant-write-500-check

We decided to look into the CEO's claim about the woeful state of US finances. What we found is that according to a recent Bankrate survey of 1,000 adults, 57% of Americans donít have enough cash to cover a mere $500 unexpected expense. Turns out the CEO was right. And while that may appear dire, it is a slight improvement from 2016, when 63% of U.S. residents said they wouldnít be able to handle such an expense.

The survey's findings have shed light on how the so-called recovery of the past 8 years has skipped about half of the US population, which literally live paycheck to paycheck, and reflects a country in which many households continue to struggle with their basic finances more than seven years after the official end to the recession.

Putting the numbers in context: despite steady job growth during the Obama administration - which have been focused on minimum wage industries - wages have been predictably slow to recover, with the typical American household still earning 2.4% below what they brought home in 1999, when income peaked. Meanwhile, costs for essentials such as housing and child care have surged faster than the rate of inflation, placing stress on household budgets and making the accumulation of wealth, i.e., savings, impossible.


I'm sure the financial pain the country is experiencing has nothing to do with Trump getting elected.  It's because all the Trump voters are racist.  Right?
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There are two ways to conquer and enslave a country. One is by the sword. The other is by debt. - John Adams
Axiomatic
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« Reply #1 on: March 06, 2017, 07:41:22 PM »

Yea but, hey - we got healthcare (insurance). Of course few of us can actually afford to go to the doctor now that we're paying 3-4 times as much as we did a short eight years ago.
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Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!
Ice Pilot2
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« Reply #2 on: March 07, 2017, 08:27:36 AM »

Yea but, hey - we got healthcare (insurance). Of course few of us can actually afford to go to the doctor now that we're paying 3-4 times as much as we did a short eight years ago.

Exactly what the Trump folks are talking about today with the new rollout.  Yeah people have INSURANCE but cannot really afford to go get treatment due to the high deductible cost and copay costs and the killer of all killers - Co-Insurance costs.   It's a damn mess.
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