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Banks see a lot of money. They're not likely to get amazed at the amount you have. The most likely reason they froze your account is that your creditors got a court order or judgment and are trying to seize money from your account. Or if it's not caused by creditors, you might be a suspect in a criminal investigation.
More likely the IRS because they missed SS payments or didn't pay their taxes. It's tough to be in business when you can't handle money.
make sense? No? Well neither does posting a one line comment with a very strong claim and no reason or context provided...
Yeah, I'm sure there's a lot of fluff in the tech industry, but huge layoffs? Idk. VC funding may plateau a bit, but I don't see a total collapse coming.
Never heard of credit? Now I'm wondering what will happen when there's a credit bubble again in a few years? Consumers may be buying 4k TVs today but may not be able to buy the next generation of TVs because of crippling debt from their, now current, 4k TV purchase.
Personally, I've just stopped buying discretionary items and only buy basics or necessities. The banks comment is just about heavy-handed, unrealistic sales goals and desperate employees trying to stay employed (and now unemployed) to support themselves and their families. The Senators have rightfully brought up the point that these people are being scapegoated. It's starting to look more like a cover for layoffs, even though they were among the lowest-paid employees in the company.
Probably 5%-10% of the population is doing quite well. These people are dining out all the time, going on the nice vacations, driving really nice cars, etc. Around here, it doesn't take that much money to live pretty well due to a low cost of living and minuscule taxes.
Another 20%-30% is lower middle class to doing well. These are generally homeowners, corporate office staff, some business owners, and fairly well paid blue collar workers. They're driving the Camrys and going to Myrtle Beach once a year, and occasional trips to nearby getaways. They can afford everything they need with some extra, and they're probably contracting as a percentage of the population.
Probably another 30%-40% are working poor to working class. These are your $10-$15/hr call center workers, low paid manufacturing, warehouse employees, low end health care workers, etc. These folks are expanding as a percent of the population. They can probably provide for most of their needs but need assistance from time to time.
Probably the remaining 20% or so are minimum wage workers, people in and out of the labor force, and people not working. Largely on the dole, in the underground economy, or supported by someone else.
I'd say less than half of our workforce around here has little to nothing in the way of discretionary income. Maybe 10%-20% really have some money to spending.
Probably 5%-10% of the population is doing quite well. These people are dining out all the time, going on the nice vacations, driving really nice cars, etc. Around here, it doesn't take that much money to live pretty well due to a low cost of living and minuscule taxes.
Another 20%-30% is lower middle class to doing well. These are generally homeowners, corporate office staff, some business owners, and fairly well paid blue collar workers. They're driving the Camrys and going to Myrtle Beach once a year, and occasional trips to nearby getaways. They can afford everything they need with some extra, and they're probably contracting as a percentage of the population.
Probably another 30%-40% are working poor to working class. These are your $10-$15/hr call center workers, low paid manufacturing, warehouse employees, low end health care workers, etc. These folks are expanding as a percent of the population. They can probably provide for most of their needs but need assistance from time to time.
Probably the remaining 20% or so are minimum wage workers, people in and out of the labor force, and people not working. Largely on the dole, in the underground economy, or supported by someone else.
I'd say less than half of our workforce around here has little to nothing in the way of discretionary income. Maybe 10%-20% really have some money to spending.
That's where the broke feeling is coming from.
It's not just Tennessee. A lot of the country is like this. The bright spot is that there's some mobility between those groups you mentioned, but not as much as there should be. And as you say, that middle group is contracting, which is very bad.
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