These statistics are claimed to be true:
1. 50% of American wage earners earn less than $30k.
2. 63% of Americans can’t afford a $1,000 emergency.
3. 80% of American workers live pay check to pay check.
4. Since 1973 American productivity has increased by 77%, yet hourly pay has grown by 12%. If the minimum wage was tracked to productivity, it would be over $20 an hour today.
5. 41% of American workers earn less than $12 per hour, with most without employer provided HC.
6. Since 2008 the federal government and the Fed created $26 trillion out of nothing. Was any of this enormous sum spent on infrastructure, public education, universal HC, bail out 5.1 million people who lost their homes?
Not a pretty picture for the poor and middle class. Hopefully things are improving or we are headed for big trouble.
This stuff has been true for a long time
Americans do not save
Do not like to save
Not much to save at times.
When I think back to being a teen in the 70's, what did we have? We had a television set, a landline telephone, a stereo with an 8-track player. Most of us were one-car families and ate out about three of four times a year. Maybe went to the movies about eight or ten times a year.
What do we spend our money on today that we didn't have back then? Family cell phone plans with smart phones for every member of the family. Cable or satellite television with 400 stations. Three video game systems complete with game cartridges. Pay-per-view movie channels. Netflix. The internet. Big screen televisions. A car for every adult member in the family. Fast food restaurants a half-dozen times a week or more.
Do people realize how much money we would all have if we lived like we did in the 70's?
Amen and Amen. The problem is NOT low wages. The problem is attitude and mind set and basic values that determine what is really important.
I have lived paycheck to paycheck but we did live. The fact is most families can manage with one car, without smart phones, without cable TV that alone costs more per month than we had to live on when we first started out. You don't have to eat out and it is possible to eat quite well on very little money if you manage properly and don't require the fancier foods.
We didn't have credit cards back then but had layaway plans at Sears and J.C. Penney so whatever we took home was paid for. What few charge accounts existed were controlled by local merchants who got paid every month or they cancelled your credit so it was hard to get into serious trouble financially. I can recall how amazing it was when we got our first gas card making going on vacation simpler. But we paid for our very infrequent motel rooms with cash or travelers checks and wrote a check for each of our monthly bills and purchases.
The government did absolutely nothing for us for day to day needs and expenses and we didn't expect it to. Many many of us started out dirt poor, but nobody stayed poor indefinitely because we expected to do what was necessary to achieve and improve our standard of living and everybody did.
What we need is one huge national attitude adjustment instead of living on the edge and then expecting the government to fix everything for us.