We live in a country where almost everyone is drowning in debt and where most people are either flat broke or very close to flat broke…The following are 21 ways to end the phrase “Americans are so broke”.
The above introductory comments are edited excerpts from an article* by Michael Snyder (theeconomiccollapseblog.com) entitled American Are So Broke…
The following article is presented courtesy of Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), and www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and has been edited, abridged and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.
Snyder goes on to say in further edited excerpts:
Yes, things are going fairly well for the elitists that live in the good areas of New York City, Washington D.C. and San Francisco right now, but most of the country is deeply struggling as our economic fundamentals continue to crumble.
Please share the numbers below with as many people as you can, because we need people to understand that there has not been an “economic recovery” for most of America. In fact, in many ways things just continue to get even worse.
The following are 21 ways to end the phrase “Americans are so broke”…
Americans are so broke that:
1. 76% are living paycheck to paycheck.
2. approx. 67% do not have enough money saved up to cover six months of expenses if an emergency arose.
3. 52% of them cannot even afford the homes that they are living in right now. [Average American Can’t Afford To Own A House – Here’s Why]
4. only 36% of those under the age of 35 currently own a home which is the lowest level that has ever been recorded.
5. 33%+ of them (that’s 77 million people) have an unpaid debt that is “in collections”.
6. 26% have absolutely no emergency savings whatsoever.
7. 25% of part-time workers are living below the poverty line.
8. approx. 25% of new auto loans are now being made by car dealers to customers with subprime credit. [Resurgence of Subprime Auto Debt Spells T-R-O-U-B-L-E]
9. 50% of all college graduates are still relying on their parents financially even after being two years out of school.
10. 20%+ of all children are living in poverty.
11. the wealth of the “typical American household” has fallen by 36% over the past decade. [What Happened to America’s “Middle” Class? Here’s What!]
12. 49 million are dealing with food insecurity.
13. 37+ million are now being served by food pantries and soup kitchens.
14. the number of people on food stamps has increased by about 14 million while Obama has been in the White House.
15. +1 million public school children are sleeping in the streets at this point.
16. they are falling farther behind on their student loan debts more than ever with approximately seven million in default at this point.
17. the U.S. government has had to spend an astounding 3.7 trillion dollars on welfare programs over the past five years.
18. many of them can’t even afford to shop at WalMart and dollar stores anymore which is causing a number of discount chains to downsize or go out of business.
19. they are keeping their vehicles longer than ever – a new all-time high of 11.4 years on average.
20. they are running up record levels of debt – 11.68 trillion dollars right now.
21. Congress is even considering allowing post offices to provide payday loans and check cashing services.
If things are this bad now, during the so-called “economic recovery”, how bad will things get during the next major economic downturn?
When the next crisis arrives, all of the numbers in the list above are going to rapidly get a lot worse so enjoy the rest of this “bubble” while you still can. It certainly will not last for too much longer.
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
* http://theeconomiccollapseblog.com/archives/21-ways-to-end-the-phrase-americans-are-so-broke (Copyright © 2014 The Economic Collapse)
Follow the munKNEE!
- Register for our Newsletter (sample here)
- Find us on Facebook
- Follow us on Twitter (#munknee)
- Subscribe via RSS
The U.S. economy is on life support, graciously provided by Central Planners but no amount of money printing can cleanse the rot of the U.S. economy. In this Markets at a Glance, we investigate the U.S. consumer and show that for a large portion of the population, things are not anywhere close to being better, in fact they are worse than before the recession. Read More »
During the credit crisis, one of the problems that occurred was that too many loans were being made to people that had no ability of paying their debt back. We see this trend in full stride once again in the auto industry. Subprime auto lending is back in a big way. Why is this happening? What are its repercussions? This article explains. Read More »
The next time someone says, “The US is the richest country on Earth” correct them and state that “The U.S. is the most bankrupt and indebted country in the history of the world” because that’s reality. Let me explain. Read More »
Regular home buyers are wondering why they are unable to partake in the American Dream of owning a home now that they actually have to document their income and put some skin in the game. The reason is that the current median selling price of $201,000 puts real estate out of reach for most Americans earning the typical $50,000 a year unless they go into massive levels of debt. They are too broke to own a home! Read More »
Most American households are making less money than they would have 14 years ago with adjusted dollars. It begs the question, what is happening with America’s middle class? Why is there a decline? Read More »
How much does the typical American family make? This question is probably one of the most central in figuring out how we can go about fixing our current economic malaise. In this article we break down the U.S. household income numbers. Words: 464 Read More »
How do Americans spend their money and how do budgets change across the income spectrum? The graph below answers these questions. Words: 240 Read More »
Visit wsj.com – HERE – to find their calculator which shows where your household income stands compared to others in the U.S.. $506,000 puts you in the top 1%; the much talked about $250,00 in the top 6%; $200,000 in the top 10% while an annual salary of $43,000 puts you in the top/bottom 50%. Where do you stand? Read More »