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Middle-class? 64% of Americans don't have savings for an unexpected 1000$ expense

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posted on Aug, 22 2011 @ 07:57 AM
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Middle class annihilation one penny at a time – 64 percent of Americans do not have adequate savings for an unexpected $1,000 expense. The crushing blow to income and household wealth.

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.


People getting more and more in debt... big banks enslaving more and more people every day... We're getting every day closer to the breaking point...




posted on Aug, 22 2011 @ 08:05 AM
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reply to post by Vitchilo
 


Thx for the thread

Look, when our leaders sent our jobs overseas, they knew what they were doing.. They knew they were trading the jobs of the "Average Jane and Joe" for cheap electronics etc and the corporate's "Bottom Line." Fast forward with me. In the late 1990's or there abouts, the "Capitol Gains Oppertunity" comes into play, allowing homeowners to make loads of money on sales of their homes, tax free.!! Move forward with me, In the early 2000's, Real Estate goes through the Roof !! and loans are given to almost anyone who ask's for one, knowing that there is a problem comming when it needs to be paid back! These "Loan Sharks" are not new to the game,they know whats a safe risk! So at this point, let me say, If you want to destroy a nation and its people, what is the best way to do it? Remember this also, this nation has a military. The members of which have family. ( Mothers, Fathers, Sisters, Brothers and children.) You can't overcome the population with brute force cause they own too many firearms and are not going to be sold without a fight, once they realize they have been betrayed.
So!! What do they do? They send our men and women in uniform to war. Making up false accusations and complete lies and fabrications to invade and destroy a foreign country. As a footnote, "The Enemy" in uniform was defeated quickly and yet we have stayed for a decade. If you add to that the deaths and mutilations of our beloved young men and women, our children, it's not a stretch to start to wonder, if maybe it's purpose is to destroy our military who should be here at home defending us from the lies and deceivers that have and continue to invade our privacey.
So where are we now? 14 trillion dollars+ in debt. As they planned it, unemployment through the roof!! The media controlled and owned by those who spout promises and false data of our predicament. Homeowners victimized by "The Bankers" etc.Foreclosed on while they crooks that positioned them for loss get bailouts and carry on with business as usual. Not to mention our produce and vegitables are rarely grown in the states anymore. The space program has been ended but not until we built the Space Station with tax payer dollars and play roommates to the very country that is communist and opposed us for decades. Lastly. Try to talk or have communication with your elected officials once they are in office. Try to find out what happened to the 2 trillion dollars that went missing at the Pentagon on 9/11 or the tens of billions that went to Iraq that dwindled away.
Remember one thing. If you dont provide a service of some kind, you dont have a job. The US is a consumer now and we flip hamburgers and live on crumbs unless your a lawyer, doctor, fireman, professional, etc.
There is a bright side though. Some of us have done well in all this mess. They are the ones that are supposed to be helping America and the American People. The Silent officials who we elected and the puppets they have retained to invade our privacey and police our lives while they re-write our forefathers dreams and promises with "New Money Making Laws" and pay for it with our childrens futures' and lives..



posted on Aug, 22 2011 @ 08:06 AM
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And this is data that probably explains this Thread.



posted on Aug, 22 2011 @ 08:08 AM
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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. Everyone wants to believe that they are middle class but most people cannot answer what it means to be middle class. I will personally never say that I am middle class because I do not believe it is a positive statement. When someone says "middle" class I think "consumption" class. These are the suckers that have to buy all the worthless trinkets to keep the economy rolling. Maybe that's why they don't have 1000 dollars saved up huh?

edit on 22-8-2011 by zerotime because: (no reason given)



posted on Aug, 22 2011 @ 08:10 AM
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If they truly accepted Ron Paul as their personal lord and savior, the money will magically appear in their accounts.

Seriously, though. This shows the problem. Many people would like to save but don't earn enough to do so. There seems to be some methodology in creating anger between the classes lately. What the goal is, is anyone's guess. It is almost as if tptb want class warfare and riots.



posted on Aug, 22 2011 @ 08:11 AM
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reply to post by surrealist
 


Well your point is obvious.. I am just curious what caused your contempt?



posted on Aug, 22 2011 @ 08:33 AM
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It is fitting after all, the thirteen colonies were founded as debtor slave colonies for the British East India Co.
It is only proper that the USA should fall as a debtor slave colony as well.



posted on Aug, 22 2011 @ 08:37 AM
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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.



posted on Aug, 22 2011 @ 08:44 AM
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If the OP is correct then how much more proof do the US populas need to know that they have been conned for too long and that the dice are and will remain loaded until there is real change. And I mean a new model for politics and economics that is fairer, emapthic and sustainable in such a way is beneficial to all!

If RP made a statement to the US people stating that he would introduce a policy to define a new model which would research, consult, debate (amongst academics, people from all walks of life), refer (to the people) and then define then he would be elected POTUS without fail because history and common sense only confirms that this is what the US and the rest of the world needs!! Old and current models are dead and dont work.

"FAIRSHARE-ISM" needs to be defined.

Oh and the suggestion has already been made to RP's team who will probably ignore it.



posted on Aug, 22 2011 @ 08:57 AM
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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.


It bothers me, too. I think (sadly) we're going to have to redefine the class structure in this country.

Consider this scenario. I made six figures for over a decade, but recently had to take three department-wide pay cuts that reduced my income by 30%. I really curtailed my style of living, drastically downsized, etc. but still had to dip into savings to make ends meet. 'Was then laid off for two months, and used every bit of my remaining savings just to pay for living expenses. Luckily, I found another job at a higher salary, but I am now --at least for the moment -- in that category of people who would be crippled by a $1000 hit. My point is that it's very easy to go from being comfortable to destitute in a short timeframe, and I think many of us are flirting with it.



posted on Aug, 22 2011 @ 09:00 AM
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reply to post by Vitchilo
 


wow! there are many excellent points in this thread quite quickly. we are paying the price for allowing ourselves to be hoodwinked as a country into credit card debt. at our house we received a large pile of CC offers every week for some 10 years.

and i recall people hearing about and then knowing others who were making $$$ hand over fist buying housing they never intended to live in and 'flipping' it for easy profit without perspiration. the greed grew and so did the prices and profits. home loans were handed out like candy.

the Fed Res / banking system held out the bait and we took it and now we're paying dearly. i think too many for too long forgot everything Mom & Dad taught them about being frugal, savings, and the dangers of easy money. credit cards can quickly become a bitch mistress with a penchant for severe punishment.

and the biggest abuser of credit and spending what they don't have is our clown shoe wearing friends in Washington DC. we may have had a chance of rebounding from our greed & over-extension of credit in 10 years as things slowly come back into balance. i can't foresee that happening now.

as for working class folks who don't have an extra $1,000.00 to their name for emergency purposes, i can only speak of what i see in my family line.

on one side of my family they are getting by now as they were 10 and 20 years ago. bills are getting paid, they're eating, but larger expenses have to be saved up for. that says a lot really. we're looking at paying mortgage, taxes, utilities, car loan etcetera. things like a new roof or re-doing the septic runs dear and one has to tuck aside cash for a bit to cover that.

the other side of the family is another story. sad stories, whining, bill collectors - but everywhere you look there are big screen TV's, everyone has the latest fanciest cell phone, laptops, new gas-sucking vehicles on lease etcetera. for them it comes down to putting priority on wants over needs and neglecting responsibilities for luxuries. they lived beyond their means 10 years ago as well as 20. some people simply never learn lessons from their actions.

i understand there are some on hard times from unemployment right now and my heart goes out to them. but on the big picture with what i've seen in life few people tuck aside a little for a rainy day. in my household we're lucky to be getting by okay as usual. we are also conservative with money. bought a little home not a McMansion. bought gas-sipping low priced cars instead of vehicles we can't afford to drive & maintain. food shopping: if it's not on a good sale it's not in the cart. meanwhile the broke relatives post on FaceBook about dining out here and there.

i'm glad my parents pounded the value of a dollar into my head when i was a boy. and i'm also glad for the words a Colorado cowboy told me long ago: "it ain't what you make, it's how you spend it".



posted on Aug, 22 2011 @ 09:03 AM
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I feel sorry for everyone living so close to the edge financially, but I worry that when it becomes too much people won't understand the root cause and lash out at the wrong things.

Imo having a strong community spirit (helping each other) will be more important than plain old money in the future.



posted on Aug, 22 2011 @ 09:37 AM
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This worries me but only slightly - when the SHTF I have a feeling money will be worthless, especially if it's locked in a bank. If there's a run on items the store shelves will be emptied immediately, whether by people with money or looters.



posted on Aug, 22 2011 @ 09:49 AM
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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.

According to article on WIKI this guy thinks it's:

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.

—Dante Chinni[3]

Wiki Article: Middle Class

I thought I was poor? HA! According to that I am middle class our income is just at the beginning range according to that comment.



posted on Aug, 22 2011 @ 10:12 AM
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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.



posted on Aug, 22 2011 @ 10:44 AM
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"Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves." - Norm Franz



posted on Aug, 22 2011 @ 10:53 AM
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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.

.
I live in one of those magical houses built during a time of few restrictions. There are growing sinkholes on either side where they used a backhoe and buried all the trash. Every home in the neighborhood is going to pot. Sometimes, regulations are a good thing.



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