Since 2013, the federal reserve board has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth-shattering: 49 percent of part-time workers would prefer to work more hours at their current wage; 29 percent of Americans expect to earn a higher income in the coming year; 43 percent of homeowners who have owned their home for at least a year believe its value has increased. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?
Well, I knew. I knew because I am in that 47 percent.
Friday, April 22, 2016
The secret shame of middle-class americans
The Secret Shame of Middle-Class Americans by Neal Gabler
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I'm one of the upper lucky ones. BUT I am lucking because I have NO control over my money. I earn what I can and my wife a trained accountant makes sure that all bills paid, THEN necessary food, THEN 10% of the remainder is savings, THEN we think of having fun with some of what is left. Also I make well over minimum wage but nothing exceptional and the home expenses are shared between two families. And having been in the 'minimum wage' jail for sometime pulling yourself out is very hard work.
ReplyDeleteIncreasing the minimum wage will help a lot BUT ONLY if the 1% owners of the bigger business help absorb the cost. Otherwise it will go no where as the costs of stuff will just go up. And around we go again.