Trump's 'Awesome' Economy: 78% of the American middle class is only one missed paycheck away from poverty

Trump's 'Awesome' Economy: 78% of the American middle class is only one missed paycheck away from poverty

Living Paycheck To Paycheck: The New Crisis And Normal For The American Middle Class

2/7/19 

According to recent studies, the vast majority of the American middle class is only one missed paycheck away from poverty. About 78% of workers in the United States are living paycheck to paycheck, and the statistics don’t improve from there.

Only 39% of Americans actually have saved enough money to cover a $1000 emergency. Nearly 3 in 4 workers say they are in debt and of those, more than half think they always will be, according to statistics posted by Forbes. Any rise in interest rates or the cost of food could leave some Americans with the tough choice of eating or paying the car payment to get to work.

A similar 2016 GOBankingRates survey found that 69 percent of Americans had less than $1,000 in total savings and 34 percent had no savings at all.  That means many Americans would have to put an emergency expense on a credit card or borrow money another way just to cover the cost of a $1000 expense.

Making matters worse, the 2017 Report on the Economic Wellbeing of US Households stated that, when asked how they would cover an emergency expense of $400, only 59% of Americans said they could easily cover the expense using entirely cash, savings, or a credit card paid off at the next statement. But “four in ten adults would either borrow, sell something or not be able to pay” if faced with a $400 emergency expense.

The government shutdown recently highlighted the fact that a large number of Americans are wholly unprepared for any kind of economic downturn, let alone another recession.

According to the newest op-ed article by Market Watch, the government shutdown is perfectly proving that Americans are not prepared for a financial disaster of any kind, let alone an economic recession. Many have long assumed that the government (which as we all know is almost $22 trillion in debt) will be using their money (stolen funds aka, taxation) to bail out those who get themselves into trouble. But the shutdown is proving just how little the government actually does and just how financially illiterate many Americans have allowed themselves to become.

It’s been ten years since the Great Recession left many Americans jobless with no money, and it appears most have learned nothing. The government shutdown serves as a painful warning and preview for what will happen once unemployment rises from 50-year ....  Americans are far too dependent on others, including the government, for their survival.-SHTFPlan

Forbes reported that even without an unexpected expense, according to the Fed’s report, one in five (22%) can’t cover all their current month’s bills, and one in four skipped a medical treatment in the past year due to an inability to pay. Some of those use credit cards in between paychecks to scrape by and many know that they will be unable to pay back the money they have already borrowed. 

I think a lot of Americans are so willing to use their credit cards because they’re so far in debt, they know they’re broke, and they might as well go out with a bang. A lot of people have no intention of paying back the money that they’re using whether it’s Visa or Mastercard. –Peter Schiff via SHTFPlan

The good times won’t last forever.  All economies eventually fall into a recession, and this one will be no different.  Those who are prepared will turn a major catastrophe into an inconv... while those who are not prepared could face mounting difficulties.

http://www.shtfplan.com/headline-news/living-paycheck-to-paycheck-t...

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Comment by Kim Smith on February 11, 2019 at 11:16am

Trump's 'Awesome' Economy: 78% of the American middle class is only one missed paycheck away from poverty WTF? That 78% is not the "middle class" anymore. "Middle class" is having, at the bare minimum, 6 months in savings to keep your current lifestyle going. Then we can talk about being one paycheck away from povertty. People who are "one paycheck away" are already living in poverty. This President of the rich is, and has always been, out of touch with the people he was "elected" to serve.

The "Yellow Vest" movement in France is interesting to watch. The French are on the verge of REVOLUTION, something they do well. Perhaps we should all go out and buy Yellow Vests as it seems the revolution has crossed the Alps, as the Italians have put it. It would be just fine with me if the "Yellow Vest" movement crossed the Atlantic as well. Trump and Macron have one thing in common: They are money hungry TYRANTS and bullies. At this point in Amerikan history: socialisim don't sound all that bad. Sleaze balls like Bezos need to have their illgotten wealth taken and redistributed among the Amerikan people and also used to rebuild our failing infrastructure that has been deliberately neglected because all the money is being fighting endless wars of naked imperialist agression on nations that have no means of self defence. The only ones we don't pick on are those who can retaliate with nukes. Iran should have some nukes too because that's the only language Trump and his fascist minions understand. HANDS OFF VENEZUELA!

Comment by Marklar's Ghost on February 9, 2019 at 9:48pm

,... and here I am buried in snow too, thanks Trump.

Comment by Deep Space on February 9, 2019 at 7:39pm

Yep.

Comment by Chris of the family Masters on February 9, 2019 at 7:37pm

Absolutely, it's been designed to collapse. The 'currency' is issued as a debt. We can't pay debt with a debt, but we somehow do. US inc. borrows the currency from the international banksters. Taxes we pay cover interest on those loans but, the principal is never paid back. US inc. as most 'countries' in the world are insolvent to the tune of unimaginable amounts. It's a question when collapse happen, rather then if.

Comment by Deep Space on February 9, 2019 at 6:45pm

Trump ain't saving the economy. No one is or can. Its designed to collapse. This is the nature of privately owned centralized banking. All the tax revenue gets cancelled out by paying interest on debt.

Comment by Deep Space on February 9, 2019 at 6:42pm

1/22/19

And the problem is terrifyingly pervasive. According to a recent GoBankingRates survey, only 21% of Americans have more than $10,000 in savings, with nearly 60% having less than $1,000 in savings:

https://www.marketwatch.com/story/government-shutdown-exposes-a-har...

Comment by Deep Space on February 9, 2019 at 6:39pm

GM to start laying off 4,000-plus salaried workers Monday 

2/1/19

https://www.detroitnews.com/story/business/autos/general-motors/201...

Comment by Deep Space on February 9, 2019 at 6:37pm

Ford announces 1,000 job cuts as GM begins mass layoffs 

2/9/19

https://www.wsws.org/en/articles/2019/02/05/auto-f05.html

Comment by Diana on February 9, 2019 at 6:34pm

These referenced surveys and reports are from 2016 (before Trump was in office) and 2017 (from Forbes/Career Builder).  The 2017 Report on the Economic Wellbeing of US Households is from The Board of Governor's of The Federal Reserve.  These do not take into consideration trade deals he has made or the regulations he has removed since 2017.

Comment by Doc Vega on February 8, 2019 at 3:41pm

And what fucking middle class was left after Obama got through with the US economy Deep Spaced Out?

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