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As we have noted and the media fails to report, the average per capita income in the United States is $25,000. What is even more disturbing is that a recent poll found that 64 percent of Americans would not be able to shoulder even an unexpected expense of $1,000. If a transmission on a car goes down or additional medical expenses hit, it will cost well over $1,000. This is simply another reflection of how the crushing collapse of the middle class will not be televised.
The fact that $1,000 of unexpected expenses would leave many Americans gasping for financial help is troubling enough but the even more disturbing methods of how families would deal with issues that go to the debt addicted psychology of the nation. 9 percent said they would take out a loan (assuming they could) to deal with the expense. 17 percent would borrow from friends or family. Presumably these family members fall in the 36 percent category that actually have savings to deal adequately with a $1,000 unexpected expense. Another 9 percent would take out a cash advance on their credit card which is one of the worst things you could possibly do. 12 percent would sell or pawn current assets assuming it had value enough to cover $1,000. If that isn’t troubling enough, 17 percent would flat out disregard other monthly expenses. Welcome to new reality for the working and middle class in our nation.
Originally posted by zerotime
How is middle class defined? Middle class seems to be a broad swipe. If you don't have 1000 dollars then I would say you are not middle class. The term itself bothers me.
Originally posted by czerro
reply to post by zerotime
Good question, but I think it can be defined as income. Middle-class makes X income. This article is saying that X income barely covers X debt.
Everyone wants to believe they are middle class...But this eagerness...has led the definition to be stretched like a bungee cord — used to defend/attack/describe everything...The Drum Major Institute...places the range for middle class at individuals making between $25,000 and $100,000 a year. Ah yes, there's a group of people bound to run into each other while house-hunting.
Originally posted by Pervius
I was middle class in 1990 when I was making $5 an hour and 400 hours of labor would get me 1 acre of land.
Now....home/land ownership is unattainable.
So many regulations on building a house you couldn't build your own house today on the cheap.
Its a tragedy what they've done. Everyone bought way too much house hoping the Government would boost spending and waterdown the dollar to screw over foreign Treasury holders.
Boy were they shocked when Americans were thrown under the bus to protect those Foreign Treasury Holders.
China must have shown some pretty good cards.