76% of Americans are living paycheck-to-paycheck

CNN Money ^ | June 24, 2013 | Angela Johnson

[rightwingintelligentsia]

Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday.

Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.

--snip--

Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn't enough money left over for saving more.

[Resolute Conservative]

Between ridiculous taxes, my 401(k) being gutted, having to pay for all medical expenses not covered by insurance on a child that was injured in a car wreck (insurance thinks once a brain injury child is released there is no cognitive rehab needed and expenses to get there), vehicle repairs, choosing to bite the bullet and put our remaining two kids in private school after a bullying incident, the price of gas and everything else we have lost much of our cushion and are below the 6 month number. It is what it is, as long as NObama and his entourage can go on vacations though I am happy, not.

We chose to pay everything without getting any extra cc or long term debt. Haven’t been on an actual vacation in over 6 years.

[servantboy777]

Fuel prices up 2 1/2 times what they were when bozo took office, hiked SS taxes on my income and my wife’s income, pay raises stagnant, property taxes and insurance up, food prices up.

Thanx Obozo, thanx a bunch.

[9YearLurker]

They could simply have their assets in other than sub-inflation savings accounts. Also, they may well have lines of credit and family and other resources to buffer a few years of income disruption, let alone six months’ worth.

[Vigilanteman]

ObaMao is deeply saddened because it isn’t 99%.

[CodeToad]

“Rich people spend their money, too”

Most rich I know go broke within a few years. The best savers I know are the ones that make $150+K and are used to a lesser income. They usually have modest homes and cars.

[Salgak]

This is couter-intuitive, but at this point, I hope Amnesty DOES get shoved down our throats.

The fiscal collapse is inevitable, I’d rather see it sooner than later, and hit hard. Amnesty will make it sooner, rather than later, and hard, not soft. It’s bitter medicine, but the sooner we get it over with, the sooner we can rebuild. It WILL act as good dose of chlorine in the swimming pool of the body politic. . .

[Responsibility2nd]

Nearly Half of Americans Are ‘Financially Fragile’

Wednesday, May 25, 2011 1:46:22 PM · by rightwingintelligentsia · 143 replies

Wall Street Journal Blogs ^ | May 25, 2011 | Phil Izzo

Nearly half of Americans say that they definitely or probably couldn’t come up with $2,000 in 30 days, according to new research, raising concerns about the financial fragility of many households. In a paper published by the National Bureau of Economic Research, Annamaria Lusardi of the George Washington School of Business, Daniel J. Schneider of Princeton University and Peter Tufano of Harvard Business School used data from the 2009 TNS Global Economic Crisis survey to document widespread financial weakness in the U.S. and other countries. The survey asked a simple question, “If you were to face a $2,000 unexpected expense...

 

 

When this article came out - I called BS on that claim that people couldn't even come up with 2 grand. But more than a few FReepers told me I was wrong, and that they and lots of people they know couldn't scratch together $2000 even if they had a whole month to do so.

[DoughtyOne]

I don’t know how this could be true with our booming economy. Barack?

[OneWingedShark]

...I must be very much in the minority for saving virtually everything I was making when I had a job.

I still have a couple of thousand in the bank.

[ncfool]

They should filed for a refund....

The amount of money the IRS sent to alien workers in 2011 totals more than $46 million in tax refunds.

These 23,994 unauthorized alien workers all listed this one address in Atlanta, Georgia. You can view the audit report here by the Treasury Inspector General for Tax Administration.

CNN reports there were 10 address from around the country and 4 of them were in Atlanta.

The IRS sent 11,284 refunds worth a combined $2,164,976 to unauthorized alien workers at a second Atlanta address; 3,608 worth $2,691,448 to a third; and 2,386 worth $1,232,943 to a fourth.

The IRS has has been knowingly facilitating the ability for Unauthorized Aliens to work illegally in the United States for almost fourteen years according to the Treasury Inspector General’s Semiannual Report to Congress.

Other locations for singular addresses used simultaneously by thousands of unauthorized alien workers are as follows:
•Oxnard, Calif, where the IRS sent 2,507 refunds worth $10,395,874
•Raleigh, North Carolina, where the IRS sent 2,408 refunds worth $7,284,212
•Phoenix, Ariz., where the IRS sent 2,047 refunds worth $5,558,608
•Palm Beach Gardens, Fla., where the IRS sent 1,972 refunds worth $2,256,302
•San Jose, Calif., where the IRS sent 1,942 refunds worth $5,091,027
•Arvin, Calif., where the IRS sent 1,846 refunds worth $3,298,877

PLEASE COPY AND FORWARD THIS TO ALL YOUR FRIENDS AND SHARE THIS LINK BELOW WE NEED TO GO VIRAL WITH THIS INFORMATION.
READ THE 51 PAGE REPORT AT THIS LINK:

http://www.treasury.gov/tigta/auditreports/2012reports/201242081fr.pdf

[Rannug]

‘”Nothing helps you sleep better at night than knowing you have money tucked away for unplanned expenses.” ‘
Trazodone works pretty damn good for me.

[informavoracious]

Makes ya wonder where they’re gonna come up with cash for Obamacare premiums. Not everyone will get a subsidy.

[i_robot73]

And gov’t is the reason: It wasn’t too long ago that one person in the household could have a job outside of the home and STILL provide for food, mortgage, car, vacation, education, etc. etc.

What’s changed? The amount of TAXES/fees one has to pay. When anyone has to pay 50%+ of their ‘free’ exchange of labor for money to GOV’T (plus food, gas, rent/mortgage, etc.), one is no longer a Free person but chattel

[Sacajaweau]

$150 +....That would be my daughter and hubby makes the same...

they saved and saved and finally bought a summer home at Cape Cod. So they got rid of some of their savings and are racking up rental money, too. They just can't win!!

[SueRae]

Just when I want to add to the litany of complaints, a person posts living with far more burdens than I have. I’ll just say this....I wish you and your family well and will pray things get better. I have no complaints. Take good care.

[Mr. Jeeves]

We had emergency savings in 2008. Nobody expected the President to deliberately prolong the emergency for this many years.

[no-to-illegals]

Interesting the number is so high. Sets Americans up for a Valley Forge moment in massive numbers. Only this time the deserters will have nowhere to run except toward their own demise.

[wally_bert]

Some of the best economic advice I got in school was in 3 years of HS auto-mechanics.

[blueunicorn6]

Hollywood and Madison Avenue. You are nobody unless you’re famous and LOOK rich. My in-laws were looking to move. I got on the Internet and started looking at houses. I was curious, so I looked at the interior photos of some expensive houses. They had crappy furnishings. Nobody went inside their homes. It was all show.

[Resolute Conservative]

Thank you. We will get by. I have been gainfully employed since I was 15 (even worked full-time in college) and will do what is necessary, thankfully I am secure where I am unless the whole economy tanks, in which case everyone will be hurting worse. We sit around and bemoan about once a week then its back to work and all the other things we do to raise the last 2 of 5. The Lord has blessed us when we have needed it with what He thinks we needed.

If we were to have a lot extra we would be confused anyway since we have never had it :)