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Thread: Here's How Many Americans Are Living Paycheck To Paycheck (Hint: It's A Lot)

  1. #1

    Default Here's How Many Americans Are Living Paycheck To Paycheck (Hint: It's A Lot)

    Here's How Many Americans Are Living Paycheck To Paycheck (Hint: It's A Lot)

    Is your family forced to count down the days each month until the next paycheck arrives? If so, you're part of a staggering, and growing, majority of households in America, the richest country on the planet, that is forced to do the same.

    According to a new poll conducted by Harris Poll on behalf of CareerBuilder, over three-quarters of American households are forced to live paycheck to paycheck to make ends meet.

    More than three-quarters of workers (78 percent) are living paycheck-to-paycheck to make ends meet up from 75 percent last year and a trait more common in women than men 81 vs. 75 percent, according to new CareerBuilder research. Thirty-eight percent of employees said they sometimes live paycheck-to-paycheck, 17 percent said they usually do and 23 percent said they always do.

    Having a higher salary doesn't necessarily mean money woes are behind you, with nearly one in 10 workers making $100,000 or more (9 percent) saying they usually or always live paycheck-to-paycheck and 59 percent in that income bracket in debt. Twenty-eight percent of workers making $50,000-$99,999 usually or always live paycheck to paycheck, 70 percent are in debt; and 51 percent of those making less than $50,000 usually or always live paycheck to paycheck to make ends meet, 73 percent are in debt.

    Not surprisingly, the problem is even worse for minimum wage workers, 54% of whom say they have to work more than 1 job to cover their monthly expenditures.

    The majority of workers (81 percent) have worked a minimum wage job, and 71 percent of them were not able to make ends meet financially during that time more than half (54 percent) had to work more than one job.

    To alleviate some financial burden, 83 percent of employers that are hiring minimum wage workers this year (45 percent) will be raising the minimum wage at their organization.

    Meanwhile, 57% of households say they can't afford to save even $100 a month.

    Less than a third of workers (32 percent) stick to a clearly defined budget and a slight majority (56 percent) save $100 or less a month:

    None: 26 percent
    Less than $50: 15 percent
    $51 to $100: 16 percent
    $101 to $250: 14 percent
    $251 to $500: 11 percent
    $501 to $750: 5 percent
    $751 to $1,000: 4 percent
    More than $1,000: 10 percent

    The scariest part of the poll, as CBS points out, is that the number of people living paycheck to paycheck is actually growing despite the fact that the Fed and our politicians continue to brag about near 'full employment.'

    The survey highlights a troubling trend in household finances: More than eight years since the end of the recession, the share of Americans who are living on the financial edge is growing, said Mike Erwin, a spokesman for CareerBuilder. While some may want to blame Americans' spendthrift ways, Erwin pointed to two trends that continue to put financial stress on households: stagnant wages and the rising cost of everything from education to many consumer goods.

    "Living paycheck to paycheck is the new way of life for U.S. workers," he said. "It's not just one salary range. It's pretty much across the board, and it's trending in the wrong direction."

    A year ago, about 75 percent of U.S. workers said they were living from payday to payday, a number that has grown to 78 percent this year. The study, conducted by Harris Poll, surveyed nearly 2,400 hiring and human resource managers and 3,500 adult employees who worked full-time in May and June.

    Meanwhile, employers seems to see straight through the 'full employment' charade because wage growth continues to be completely nonexistent...an outcome that would seem inconceivable in an under-supplied market.

    Weak wage growth is partly to blame for the financial stress felt by many Americans. Median household income is still stuck in low gear, with the U.S. Census reporting only one year of income gains since 2007, the year the recession officially started.

    The end result: American households are still earning 2.4 percent below what they brought home at their income peaks in 1999. At the same time, expenses for food, fuel, education, housing and other costs have risen.

    "Jobs have come back, but we haven't seen salaries rebound," Erwin said. "Right now we are in a time when the cost of living is way outpacing the amount of money that people are getting through raises."

    Of course, the real question is precisely how many of these households live in a McMansion that's 2x larger than what they need for their family and drive around in brand new BMWs that get replaced with new leases every 3 years?
    http://www.zerohedge.com/news/2017-0...k-hint-its-lot



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  3. #2

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    "Jobs have come back, but we haven't seen salaries rebound," Erwin said. "Right now we are in a time when the cost of living is way outpacing the amount of money that people are getting through raises."
    The Federal Reserve is doing its job.

    And still making money the old fashioned way--by printing it.
    Quote Originally Posted by phill4paul View Post
    Falsehood is Patriotism in an Empire of Lies.

  4. #3

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    According to a new poll conducted by Harris Poll on behalf of CareerBuilder, over three-quarters of American households are forced to live paycheck to paycheck to make ends meet.
    Wants can be unlimited. You can claim to live paycheck to paycheck and live in a million dollar home and have three cars and go on vacation every year. Just means you don't bother to save anything. For some, it is a choice to live that way. (There are also people living paycheck to paycheck who are not spending much beyond their needs- food, clothing and shelter).

    As the piece notes:

    "Living paycheck to paycheck is the new way of life for U.S. workers," he said. "It's not just one salary range. It's pretty much across the board,
    Last edited by Zippyjuan; 08-31-2017 at 11:56 AM.
    "The future is here, it's just not evenly distributed yet." - William Gibson

    I am Zippy and I approve of this post. But you don't have to. This post may include statements I don't personally agree with.

  5. #4

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    Quote Originally Posted by Zippyjuan View Post
    Wants can be unlimited. You can claim to live paycheck to paycheck and live in a million dollar home and have three cars and go on vacation every year. Just means you don't bother to save anything. (There are also people living paycheck to paycheck who are not spending much beyond their needs- food, clothing and shelter).

    As the piece notes:
    Why would you save if the accrued interest is zero thanks to ZIRP? It would also require to live under a bridge. So, thanks, but no thanks.
    The essential English leadership secret does not depend on particular intelligence. Rather, it depends on a remarkably stupid thick-headedness. The English follow the principle that when one lies, one should lie big, and stick to it. They keep up their lies, even at the risk of looking ridiculous.

  6. #5

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    Quote Originally Posted by timosman View Post
    Why would you save if the accrued interest is zero thanks to ZIRP? It would also require to live under a bridge. So, thanks, but no thanks.
    Saving money doesn't have to be in a checking or savings account. So you are spending every penny you receive?
    "The future is here, it's just not evenly distributed yet." - William Gibson

    I am Zippy and I approve of this post. But you don't have to. This post may include statements I don't personally agree with.

  7. #6

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    Quote Originally Posted by Zippyjuan View Post
    Saving money doesn't have to be in a checking or savings account. So you are spending every penny you receive?
    Maybe he's putting it into a million dollar home.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  8. #7

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    Quote Originally Posted by dannno View Post
    Maybe he's putting it into a million dollar home.
    Make it 2 million. The real estate prices never go down.
    The essential English leadership secret does not depend on particular intelligence. Rather, it depends on a remarkably stupid thick-headedness. The English follow the principle that when one lies, one should lie big, and stick to it. They keep up their lies, even at the risk of looking ridiculous.

  9. #8

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    Quote Originally Posted by Zippyjuan View Post
    Saving money doesn't have to be in a checking or savings account.
    Well, you can do that, or stuff your mattress, and watch the Fed's systematic and unrelenting devaluation of the currency make it shrink like wool in a hot dryer. Or you can happen to have a good enough understanding of, and maybe even a talent for, investing that will allow you to avoid being taken by your broker, the way the majority of people were in 2008. Or, if not 'taken in' certainly screwed by mandated corporate policies in the brokerage houses which did not permit the 'speculation' which allowed a few proactive people to come out ahead. Of course, everyone came out all right as long as they didn't panic, or have major expenses that required liquidation when prices were down...

    Simply put, the Fed has completely redefined conservative things like 'saving', turning it as it used to be into a guaranteed losing proposition designed to transfer your wealth to the wealthy banks which own the Federal Reserve. Doesn't make spending every penny wise, unless you have an unerring eye for art or antiques. But it does make it more likely that thinking of the future will give you a headache.

    But in the end, you can argue all day that a great proportion of these people who are living paycheck to paycheck are filthy rich spendthrifts. But we all know few if any of those, and we all encounter every day people whose occupations made a living wage forty years of inflation ago, but no longer do.
    Quote Originally Posted by phill4paul View Post
    Falsehood is Patriotism in an Empire of Lies.






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