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xchrom

(108,903 posts)
Tue May 15, 2012, 03:01 PM May 2012

Even More American Families Report Having No Savings At All

http://www.businessinsider.com/falling-behind-on-mortgage-indicator-renting-2012-5

According to a report from University of Michigan, the percentage of families that reported having no savings increased from 18.5 percent in 2009 to 23.4 percent in 2011.
It should come as no surprise considering increasing cost of basics like food and gas, high unemployment, and sky-rocketing medical costs.

Frank Stafford, coauthor of the report, points out one small but positive trend: The number of families who reported having savings higher than $50,000 actually increased by a little less than 3 percent.

“People who were precarious are in even worse shape, while people who are in good shape see the turmoil and decide to save more,” he told the New York Times' Ann Carrns.


Read more: http://www.businessinsider.com/falling-behind-on-mortgage-indicator-renting-2012-5#ixzz1uxzGsC1Y
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Even More American Families Report Having No Savings At All (Original Post) xchrom May 2012 OP
LOL savings Marrah_G May 2012 #1
sorry... xchrom May 2012 #2
If you can keep your job, that is.... CTyankee May 2012 #5
Because their savings are being drained during the recession and this period of dragged out HiPointDem May 2012 #3
+1 xchrom May 2012 #4
When the jobs were purposely gutted from America, there left for most RKP5637 May 2012 #6
Follows a pattern of eliminating means of recovery before the squeeze. BadgerKid May 2012 #7
I just don't get their agenda. It's clear they want America to be RKP5637 May 2012 #8
Agenda seems to be wrecking the joint. BadgerKid May 2012 #10
The Bush Recession ate my savings. kestrel91316 May 2012 #9

Marrah_G

(28,581 posts)
1. LOL savings
Tue May 15, 2012, 03:04 PM
May 2012

I have no idea what it is like to live in the world of savings, retirement funds, 401ks, pensions, etc. Like alot of folks, I'll work until I am dead.

 

HiPointDem

(20,729 posts)
3. Because their savings are being drained during the recession and this period of dragged out
Tue May 15, 2012, 03:08 PM
May 2012

"recovery".

RKP5637

(67,112 posts)
6. When the jobs were purposely gutted from America, there left for most
Tue May 15, 2012, 03:16 PM
May 2012

little hope for the future. Reagan did a masterful job of starting the fall of America. Around here the cost of living soars each day. We just can't believe the spiraling cost for just food. I've driven through some areas that are just absolutely all about poverty. I don't see much of a future for most Americans in the 21st century. The undertow is just way too great.


BadgerKid

(4,554 posts)
7. Follows a pattern of eliminating means of recovery before the squeeze.
Tue May 15, 2012, 03:54 PM
May 2012

First you legislate away the means to recovery. Examples:

make student loan debt undischargable in bankruptcy
send the means of manufacturing abroad
increase work visas to foreign workers
lower taxes
implement austerity measures

Then you squeeze people:

eliminate jobs
eliminate jobs programs
reduce access to education
reduce access to choice, in general
raise prices
don't build or update physical infrastructure
etc.

In the absence of proactive recovery measures, America's future is in the crapper. Democratic majority this election, I feel, is necessary (and hopefully sufficient) to have even a chance to turn things around.

RKP5637

(67,112 posts)
8. I just don't get their agenda. It's clear they want America to be
Tue May 15, 2012, 04:04 PM
May 2012

a shit hole of a country. Herds of uneducated, unskilled masses. I often wonder if America has gone so far downhill much of a turn around is doubtful. If, the republicans seize control in 2012, I think one can pretty much write off the future of America for some decades.

BadgerKid

(4,554 posts)
10. Agenda seems to be wrecking the joint.
Tue May 15, 2012, 10:58 PM
May 2012

Yup. Game over if the GOP/RW get a trifecta in 2012. If legislative control stays pretty much the same, I wouldn't be surprised if the right upheld their foot dragging. Some Democratic cans of whoop-ass would be nice.

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