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re: The Percentage of Americans With Less Than $1,000 in Savings Is Shocking
Posted on 12/20/19 at 4:17 pm to mmmmmbeeer
Posted on 12/20/19 at 4:17 pm to mmmmmbeeer
good post dude. appreciate fact based posters
0
Posted on 12/20/19 at 4:23 pm to Will Cover
THIS! Is the reason for mandatory health insurance. You know full well when these f’ers show up at the hospital, they are uninsured and all of us with insurance will pick up the tab!!!!
Posted on 12/20/19 at 4:26 pm to Will Cover
I would be living in a constant panic attack if I had less than $1,000 to my name
Posted on 12/20/19 at 4:33 pm to scott8811
quote:
I would be living in a constant panic attack if I had less than $1,000 to my name
I agree with you, i feel the same.. just to be clear though, i’d bet the majority of posters here have ‘less than $1000 to their name’.. what i mean is when you add up what you owe on your home, plus student loans, plus any car payments you might have and what you owe on them, etc- i would wager that the majority of folks here owe more than what they have in the bank, or in assets... Not all of course; most of us have maybe tens of thousands in savings, another couple hundred thousand (maybe) in a 401k.. but maybe you still owe $150k on your house , $50k on your boat etc.. how many people, after factoring in all that, have a positive net worth? I do, but only because i recently sold my house for a profit.. as soon as i buy again, i’ll have a negative net worth.. unless i buy a tiny house or something, i suppose.
Posted on 12/20/19 at 4:58 pm to TigerFanInSouthland
quote:
I’ll tell you what it sounds an awful lot like though: (Karl Marx)
Actually, Marx crapped all over the idea of a universal income in Das Kapital. The more you know..
Posted on 12/20/19 at 5:09 pm to Will Cover
Lulz. I put at least $400 a month in savings, most of the time it’s closer to 6-700
Posted on 12/20/19 at 5:36 pm to mmmmmbeeer
quote:
It's both frustrating to read the OPs facts and to read the responses.
The bottom line is, unless you're in the top 90% of income or live in podunk middle of nowhere, you've experienced considerable shrinking of buying power due to wage stagnation, home prices, health costs, college costs, food costs, etc.
I know people who think they're doing well, or are living comfortably, don't find it easy to admit that they aren't doing near as well as they should be if we lived in under a more equitable economy. Corporations have been raping workers for damn near 40 years! Pensions gone. Lowering 401k matches. Lower quality medical insurance (I mean, who here just LOVES high deductible plans?).
Sure, our 401ks may look great due to market performance over the last 6 years but what about your take home pay? How many people saw a considerable pay increase when their employer's income taxes dropped by 150% last year? How many are getting annual COLA or merit increases?
The top is just raping the rest of us and, as long as we have a few hundred grand in our 401ks, we pretend to be satisfied. frick that. Worker productivity in this country has steadily increased while wages remain stagnant. Enough is enough.
You want to rag on people for having a $500 flat screen TV? A cellphone plan? Does anyone really think that those are the types of items that are causing people to lack savings? Most folks are spending around $500 per paycheck on health insurance that they rarely use!
Quit defending the status quo. You, in the 83rd income percentile, are just as much of a fricking peasant in this economy as the welfare queen in the 9th percentile. The difference between you and her is minuscule compared to the gap between you and the guy in the 99th percentile.
No one and I mean no one is entitled to anything. What's frustrating is that you think this mythical boogeyman is holding you down. Know your worth and your value. Whatever job and wage you take you accept it. No one forces you to take it. It is so easy to bitch and moan versus taking action. Keep playing the victim. The only thing that is stagnant is your point of view.
Posted on 12/20/19 at 5:39 pm to Will Cover
quote:
Today's American economy is booming.
Clearly
Posted on 12/20/19 at 5:49 pm to Tangineck
quote:
THIS! Is the reason for mandatory health insurance. You know full well when these f’ers show up at the hospital, they are uninsured and all of us with insurance will pick up the tab!!!!
This was the argument for enacting Obamacare. There were many on this site that said...We are already paying for healthcare for the poor. If we pass this, it will be a wash.
My healthcare costs went up 300%. Obama promised me a $2500 reduction. That lier.
Should we go back to indigent care? Might as well since a great majority of Americans...can't afford Post-Obamacare.
Posted on 12/20/19 at 6:32 pm to jclem11
quote:
No. It is a tired and played out meme.
Same as the "you stupid millenials could get a job if you didn't major in gender studies!" meme. Yes, people make retarded decisions with money regardless of age.
The issue is conveniently ignored is the structural problems in today's economy such as offshoring and automation, which make it more difficult for the lower classes to just "pick themselves up by their bootstraps" and "work harder".
There are many small towns in America with no good jobs and it is difficult for most folks to leave. And it is very difficult for middle aged folks to retrain for new jobs and learn to code. The solutions are just not easy nor do I know the perfect policy prescription to solve it. The hive mind here will skyscream that it is all personal responsibility but there is more to the problem. And to ignore such problems is to be willfully ignorant.
Learn to code
Posted on 12/20/19 at 6:35 pm to nuwaydawg
quote:
Might as well since a great majority of Americans...can't afford Post-Obamacare.
That was the point. Push middle class down into needing government insurance. Then once you get enough you make the push into everyone, but very few people, being in government insurance. Now they control who, when and where services are provided.
Posted on 12/20/19 at 6:54 pm to LSUsuperfresh
quote:
How is it that 69% have less than $1k in savings but only 33% are living paycheck to paycheck? Those 2 categories are basically the same thing
36% don't get a paycheck and live off of government subsidies and/or criminal behavior?
Posted on 12/20/19 at 7:00 pm to Hoops
quote:
Learn to code
Quality, well thought out response my dude.
It is clear you are wholly ignorant on this subject and can be ignored.
Posted on 12/20/19 at 7:12 pm to jclem11
You making excuses and ignoring the personal accountability involved shows how much your opinion should be of concern
Posted on 12/20/19 at 7:18 pm to GhostofLesticleMiles
quote:
No one and I mean no one is entitled to anything.
Sure. I can agree with that a a general premise.
quote:
What's frustrating is that you think this mythical boogeyman is holding you down
There is a known boogeyman which is the crony capitalist system we currently have were big business colludes with government. Bailout of 2008 ring a bell? The stock market is roaring and stock buybacks are at an all time high yet there is still a ton of suffering on Main Street and middle America.
You can beat your chest about how awesome the economy is and how high your 401K balance is but that is not the reality for lots of folks in this country. They aren’t seeing these gains. They will rise up eventually.
quote:
Know your worth and your value.
That’s a fine sentiment to have.
quote:
Whatever job and wage you take you accept it. No one forces you to take it
I agree on the face. However, you seem to be ignoring that there are other factors outside of one’a control, such as automation or offshoring, that forces them to take a lower paying job out of necessity that sets them back forever. It’s not such a simple calculus as folks on this board always assume.
Also, some folks just don’t have the intelligence or work ethic to do things such as engineering or coding. The world needs ditch diggers and fry cooks at McDonald’s too.
All I am saying is have a little bit of empathy for the folks who are struggling.
Do you honestly believe that people want and enjoy being poor? It’s not all personal choice and responsibility. There are other factors in play but it appears you don’t want to acknowledge those. Perhaps you believe all your success in life is solely because you are just a hard worker.
quote:
It is so easy to bitch and moan versus taking action. Keep playing the victim. The only thing that is stagnant is your point of view.
It’s not about being a “victim” but rather pointing out the structural issues faced by most folks. If you cannot acknowledge the well known and documented fact that wage have stagnated whole productivity has skyrocketed then you are beyond help.
Any one of us could end up broke and poor due to a series of unfortunate events. A little empathy for others is never a bad thing.
Posted on 12/20/19 at 7:25 pm to Hoops
I’m a pragmatic on this issue.
I would never discount that personal responsibility is very important and should be encouraged. However, I also realize that no amount of lecturing people about personal responsibility will change their behavior.
For certain segments of our population this mentality has been ingrained. It is tough to change that.
It takes some mix of providing better opportunities for folks and helping the younger generation break the cycle.
We likely aren’t as far apart as you may think.
I would never discount that personal responsibility is very important and should be encouraged. However, I also realize that no amount of lecturing people about personal responsibility will change their behavior.
For certain segments of our population this mentality has been ingrained. It is tough to change that.
It takes some mix of providing better opportunities for folks and helping the younger generation break the cycle.
We likely aren’t as far apart as you may think.
Posted on 12/20/19 at 7:48 pm to jclem11
You say...
And your signature quote is...
"If religious instruction were not allowed until a child attained the age of reason, we would be living in a much different world."
Assuming that by empathy you mean to be more compassionate, has it ever occurred to you that if a child is raised to be more like The Big JC, he would more likely have compassion for others?
quote:
A little empathy for others is never a bad thing.
And your signature quote is...
"If religious instruction were not allowed until a child attained the age of reason, we would be living in a much different world."
Assuming that by empathy you mean to be more compassionate, has it ever occurred to you that if a child is raised to be more like The Big JC, he would more likely have compassion for others?
Posted on 12/20/19 at 7:55 pm to BLG
quote:
Assuming that by empathy you mean to be more compassionate, has it ever occurred to you that if a child is raised to be more like The Big JC, he would more likely have compassion for others?
Sure but religion and Christianity have not cornered the market on compassion.
It is entirely possible to have empathy and compassion for others without religion or beliefs in a deity.
Myself and millions of others are good and compassionate without gods.
We are derailing the thread a bit by goin down this road though.
Posted on 12/20/19 at 7:57 pm to Will Cover
quote:
New data from GOBankingRates, however, reveals that 69% of Americans have less than $1,000 in savings.
What does that mean? In a savings account or in total savings? I have a few thousand dollars in a savings account and a shitepile more in other places.
Posted on 12/20/19 at 8:06 pm to Will Cover
quote:
point to a high cost of living as the reason their bank accounts are in such a sorry state.
I point to a seriously flawed child support calculation for dudes with 2 ex wives.
Light at the end of the tunnel though! I'm getting a fat frickin raise in under 2 years.
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