Tuesday , 5 March 2024

Majority of Americans In Dire Economic Shape – Here Are The Facts

We live in a country where almost everyone is drowning in debt and where most debtpeople 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)

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