Quarter Of American Adults Can't Pay All Their Monthly Bills

[midas]

A Quarter Of American Adults Can't Pay All Their Monthly Bills; 44% Have Less Than $400 In Cash

 

Nearly eight years into a supposed  economic recovery, nearly half of Americans didn’t have enough cash available to cover a $400 emergency. 

 

https://www.federalreserve.gov/publications/files/2016-report-economic-well-being-us-households-201705.pdf

[CaptHaddock]

Only 47% report income greater than spending in the prior year.  May explain why Trump supporters seem to live in a different world from the rest of us.

[Ahab]

1 hour ago, CaptHaddock said:

Only 47% report income greater than spending in the prior year.  May explain why Trump supporters seem to live in a different world from the rest of us.

So you are assuming that the entire 47% are Trump supporters? It is more likely that Trumps supporters are not a majority of the 47 percent number.

[lcp0761]

I guess if your numbers are accurate it depicts the Obama Administration had failed in helping the American people as the Trump Admin only took office 4-months ago.

Also, for those kids currently in high school, you need to either further your education (college or trade school) or enlist in the military for a career as McDonald type jobs are not designed to support families!


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[CaptHaddock]

23 minutes ago, Ahab said:

So you are assuming that the entire 47% are Trump supporters? It is more likely that Trumps supporters are not a majority of the 47 percent number.

Just the opposite.  I am assuming that the Trump supporters are the ones who are short of income.  Of course, the rich support the R party, but they lack the numbers to win elections by themselves.  It's the poor Trump supporters who were susceptible to Trump's pitch about how America is collapsing, the military is derelict, Obamacare has failed, etc.  Unrecognizable to those of us whose income has not stagnated for the last thirty years.

[steven100]

I am sure the figure is much higher in Australia .....

people cannot afford the exorbitant electricity charges and food prices.

 

The Australian government is a laughing stock ....    absolutely useless  !!

[CaptHaddock]

56 minutes ago, lcp0761 said:

I guess if your numbers are accurate it depicts the Obama Administration had failed in helping the American people as the Trump Admin only took office 4-months ago.
 

It started long before the Obama administration.  Up  until the 80's incomes overall grew along with the growth of per capita GDP.  Beginning in the 80's those two numbers diverged.  Incomes for the lower half of the population stagnated in what some economists called the "silent depression" while the upper percentiles got more and more of the income growth.  The factors responsible were tax cuts for the wealthy, anti-union legislation, and trade and strong dollar policies exposing factory workers, but not doctors, to foreign competition.  Basically the rich got control of the government and put in policies to increase their wealth at the expense of everyone else, especially the blue-collars. 

 

[gk10002000]

I can pay my bills but I don't want to.  As a contract engineer I used to have good medical with Florida BC BS and paid $100/mo.  Then the last few years it jumped up to $340/mo.  I took a salaried job with a big aerospace firm because they made a decent offer.  My medical is now back to $100/mo. If I were to leave the company and go through the ACA, my medical would be $508/mo minimum for a crap plan!  Single guy, no health issues.  I have worked and saved and invested for dividends and income and get about $55,000 a year in my IRA and Brokerage accounts.  But I would very carefully have to monitor my MAGI and IRA withdrawals or else get whacked by medical.  So it would be hard to withdraw a lot of money each year.  The system basically rewards you and induces you to not make or show income.

 

 Social Security is 2 years away should I take it.  Medicare is 5 years away.  So I can make it.  But that medical cost is Draconian.  Frankly, if I do leave this company, medical may drive me out of the country for a few years.  I would have no problem hanging in Thailand before medicare kicks in.  Not a horrible problem, but frankly this ACA and hitting 60 makes it very very difficult for anybody that is not working for a big company that subsidizes medical costs. I can't even imagine how people with families are making ends meet, never mind saving