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According to The Social Security Administration, a half of Americans earn less than the minimum subsistence level ($US16.87 per hour), i.e. less than $US 30 thousand per year. However, this level of revenue, as estimated by the “Alliance for a Just Society”, is not enough to achieve an adequate but modest standard of living, even with two workers in a family of four people. It was found that for every job created in the United States there are seven candidates, so $US 15 per hour payment is only enough for one person to barely make ends meet.
Another study – Go Banking Rates – found that nearly half of Americans do not have any savings, while more than 70% have less than a $US 1,000 savings. This conclusion is confirmed by the statistics of “The Pew Research Center”, according to which almost half of American families spend more than they earn. Lack of savings especially affects young adult Americans whose savings after the recession are now showing negative values. The Wall Street Journal explicitly states that 62% of Americans do not have even $US 500 for emergency repair of their vehicle, and the US Federal Reserve survey found that almost half of the respondents are not able to cover extraordinary expenses in the amount of $US 400.
Although American officials say that the official unemployment rate is 5%, in fact it is 10%, if the short-term unemployed are taken into account, and 23%, if the long-term ones are taken into account. Between 2007 and 2013, the average welfare has dropped by 40%, leaving the poorest half of Americans with adverse levels of personal wealth, subject to deeper debt relief. Thus, the once strong middle class of America has fallen to a level below average and continues to fall, and half of America lives next to the line, beyond which the actual poverty begins.
The business publication Financial Times calls the latest data on the financial troubles of American families the witness to the collapse of the middle class in theUS, because one out of five American adults is currently living at the risk of poverty. Since the global financial crisis, 5.7 million joined the ranks of Americans with the lowest incomes in the country. More than 45% of them, or 2.5 million adults were added to the ranks of people with the lowest incomes after 2011, i.e. even after the recession supposedly ended
Today, 47 million Americans live in poverty, every fifth child in America is issued food stamps, 1.5(million) American families live on less than $US 2 a day, and each year 46 million Americans use the services of food banks.
http://m.journal-neo.org/2016/01/12/the-end-of-the-middle-class-in-the-united-states/
Another study – Go Banking Rates – found that nearly half of Americans do not have any savings, while more than 70% have less than a $US 1,000 savings. This conclusion is confirmed by the statistics of “The Pew Research Center”, according to which almost half of American families spend more than they earn. Lack of savings especially affects young adult Americans whose savings after the recession are now showing negative values. The Wall Street Journal explicitly states that 62% of Americans do not have even $US 500 for emergency repair of their vehicle, and the US Federal Reserve survey found that almost half of the respondents are not able to cover extraordinary expenses in the amount of $US 400.
Although American officials say that the official unemployment rate is 5%, in fact it is 10%, if the short-term unemployed are taken into account, and 23%, if the long-term ones are taken into account. Between 2007 and 2013, the average welfare has dropped by 40%, leaving the poorest half of Americans with adverse levels of personal wealth, subject to deeper debt relief. Thus, the once strong middle class of America has fallen to a level below average and continues to fall, and half of America lives next to the line, beyond which the actual poverty begins.
The business publication Financial Times calls the latest data on the financial troubles of American families the witness to the collapse of the middle class in theUS, because one out of five American adults is currently living at the risk of poverty. Since the global financial crisis, 5.7 million joined the ranks of Americans with the lowest incomes in the country. More than 45% of them, or 2.5 million adults were added to the ranks of people with the lowest incomes after 2011, i.e. even after the recession supposedly ended
Today, 47 million Americans live in poverty, every fifth child in America is issued food stamps, 1.5(million) American families live on less than $US 2 a day, and each year 46 million Americans use the services of food banks.
http://m.journal-neo.org/2016/01/12/the-end-of-the-middle-class-in-the-united-states/