General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEven More American Families Report Having No Savings At All
http://www.businessinsider.com/falling-behind-on-mortgage-indicator-renting-2012-5According 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
Marrah_G
(28,581 posts)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.
CTyankee
(63,912 posts)age discrimination is real...
HiPointDem
(20,729 posts)"recovery".
RKP5637
(67,112 posts)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)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)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)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.