Let’s hope

5 comments

  1. RD – You are way off, on your estimate that – A vast majority of Americans have the ability to save for emergencies, and the future.

    From a 2019 CBS NEWS story –

    Almost half of U.S. workers between ages 18 to 64 are employed in low-wage jobs, the Brookings Institution found.

    Low-wage jobs are pervasive, representing between one-third to two-thirds of all jobs in the country’s almost 400 metropolitan areas.

    Smaller cities in the South and West tend to have the highest share, such as Las Cruces, New Mexico, and Jacksonville, North Carolina, where more than 6 in 10 workers are in low-wage work.

    Almost half of all Americans work in low-wage jobs
    https://www.cbsnews.com/news/minimum-wage-2019-almost-half-of-all-americans-work-in-low-wage-jobs/

    I lived and worked the low income job economy, my entire life. Averaged just $11,665 per year, from 1971 to 2006. With 8 years with zero income, living on jut a small military pension, from 1996 to 2006 with just $12,000 of additional income total, during that 11 years. There is no extra money to save. Even if I would of been able to save 10% of my total income of $314,955, it would of been just $31,495. But, it was not possible to save, while raising 4 children from 1980 to 2009.

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    1. Nope, I’ll believe you when the majority of Americans live within their means with no non-necessity spending. The median household income is near $70,000 which means half earn more. Who drives the economy, buys pickup trucks, use beauty salons, go to concerts, etc.? Consumers are 70% of the economy and it’s not just half the population doing that.

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      1. Median incomes means almost nothing without context. Like cost to provide basic needs of a family of 4, after all taxes and fees, both,, state and federal have been deducted. In many high cost of living areas, $70 K , minus deductions,, and you are struggling.. And if you are below the median, which half the people are for their age group, it is even harder. The 54 million low income workers just do not fit into your worldview, RD. Lies, Damned Lies, and Statistics, at work once again. I will agree the top 50% in each age group may be doing good, but it is the bottom 50% that are struggling, and I think you really know that, fact..

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