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Yes he was wrong but because the situation is actually worse than he thought. The purchasing power of wages today is about the same as it was 40 years ago.
I can't open the link for some reason but I've seen the info. before. The only way to get to flat earnings over the last +/- 40 yrs. is to only count those below supervisory roles AND to ignore non-wage compensation.
If what they earn isn't even enough to cover the basic expenses to get by then it's not a spending problem it's an income problem. The war on unions and workers' rights which have kept pay and benefits down or eliminated many benefits for many years has reduced the working and middle classes to the brink of financial ruin.
What you say is correct, but as so often in the arguments here it's only part of the story. If a couple can't keep up with basic expenses (truly basic expenses), then they either are under-earning or living beyond their means in housing, cars and other "basics." Neither of which is necessarily because of the usual lazy whitewash of "poor choices" or whatever.
But most couples with two adequate-decent incomes who are jumping from paycheck to paycheck and falling behind in debt are in trouble because of excessive spending. Which, according to the barstool pundits around here, is because they're weak-willed, "make poor choices," "didn't plan ahead"... let's just sum all that up as "stupid and not worthy of consideration," which is the usual corner those barstools end up in.
And you know what? I agree... that there are people who are willfully and more or less by-intention stupid about money. Lots of them.
But as to the sweeping dismissal of all those who are struggling or in the bottom economic tier being "not worthy"... well, I'll concede even fractions of that when someone clearly demonstrates that the employment and consumer economic fields are even slightly a level playing field... which would start with people being incessantly hammered, cajoled and arm-twisted into learning money sense one-tenth as hard as they are driven to acquire, acquire, acquire.
What you say is correct, but as so often in the arguments here it's only part of the story. If a couple can't keep up with basic expenses (truly basic expenses), then they either are under-earning or living beyond their means in housing, cars and other "basics." Neither of which is necessarily because of the usual lazy whitewash of "poor choices" or whatever.
But most couples with two adequate-decent incomes who are jumping from paycheck to paycheck and falling behind in debt are in trouble because of excessive spending. Which, according to the barstool pundits around here, is because they're weak-willed, "make poor choices," "didn't plan ahead"... let's just sum all that up as "stupid and not worthy of consideration," which is the usual corner those barstools end up in.
And you know what? I agree... that there are people who are willfully and more or less by-intention stupid about money. Lots of them.
But as to the sweeping dismissal of all those who are struggling or in the bottom economic tier being "not worthy"... well, I'll concede even fractions of that when someone clearly demonstrates that the employment and consumer economic fields are even slightly a level playing field... which would start with people being incessantly hammered, cajoled and arm-twisted into learning money sense one-tenth as hard as they are driven to acquire, acquire, acquire.
Many Americans spend a large percentage of their income on wants, not needs, and many of this group also overspend and go into debt/are in debt.
However, there are many Americans that want to save and invest more and are frugal, yet cannot do so because their incomes are not high enough and this often related to the HIGH COST of FIXED EXPENSES.
Many Americans spend a large percentage of their income on wants, not needs, and many of this group also overspend and go into debt/are in debt.
However, there are many Americans that want to save and invest more and are frugal, yet cannot do so because their incomes are not high enough and this often related to the HIGH COST of FIXED EXPENSES.
In general, the US is a low-wage country.
A woman who works for me complains endlessly that she can't afford better medical care for her family (I provide a basic plan). Her words ring a little hollow as she and hubby can't afford better medical care but can afford a boat on a slip at one of the local lakes, and a $1,000+ bar tab (probably much higher).
When they say wages are up do they mean hourly wages or total pay?
My daughter is looking for a job and most jobs that do not require qualifications she does not have are less than 40 hours a week, but more than 25 hours a week. Many of them want her to work broken up shifts twice a day for two to four hours at a time. Other jobs want her to work erratic shifts that vary day to day and week to week (two hours on Monday, ten on Tuesday, an eight hour night shift on Wednesday and 4 hours mid-day on Thursday. - next week shuffle all that around). This not only eliminates any ability to take a second job, it means the job wipes out all of her time. She is really committed to the job all of every day but only paid for 8 hours a day or less. The other type of job she has found wants 84 hours a week. She tried that but could not do it long term. While that generates a lot of money, it is not sustainable. That 40 - 50 hour a week job with good enough pay to allow her to live in an apartment or a trailer home, keep a junky car running and insured so she can get to work, pay for ObamaCare and eat - continues to elude her. She applied to over 40 jobs. So far she has found zero that are practical, so she continues working part time for Salvation Army. She makes about $500 too much to qualify for food stamps.
Last edited by Coldjensens; 06-10-2019 at 09:57 AM..
Many Americans spend a large percentage of their income on wants, not needs, and many of this group also overspend and go into debt/are in debt.
Good, continue... where do those wants come from?
Quote:
However, there are many Americans that want to save and invest more and are frugal, yet cannot do so because their incomes are not high enough and this often related to the HIGH COST of FIXED EXPENSES.
Hmm. I am hearing a faint echo here of the "worthy" argument... that poor but honest folk can't make enough to survive, but those who make more can't make it because they squander their income. Maybe a bit black and white.
Just wanted to note that I have one of these too. She's stumbled, she made some mistakes, but she's spent years now trying to get to a decent self-supporting level, and I don't know how she finds the strength to keep struggling against all the roadblocks.
Bek 56% of Americans don’t work and are not happy with their slice of the pie
Satisfaction can only come with participation in your community
Which is btw a socialist concept not a capitalist concept
...are less than 40 hours a week, but more than 25 hours a week.
...broken up shifts twice a day for two to four hours at a time.
...erratic shifts that vary day to day and week to week
And no clear path to advancement or training either?
Bek 56% of Americans don’t work and are not happy with their slice of the pie
Satisfaction can only come with participation in your community
Which is btw a socialist concept not a capitalist concept
Did you have a point, here?
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