"To achieve economic security the avg. min. income needed for a family w/ 2 workers and 2 young children is $67,920 (health insurance)
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NPR Morning Addition 4-14-2011:
"As President Obama and members of Congress debate national budgets, Shawn McMahon has been calculating individual and family budgets.
He's the research director for Wider Opportunities for Women, a group that works with low-income women and families. The nonprofit group just released its Basic Economic Security Tables index, which measures the minimum income workers need to achieve basic economic security.
"We're not talking about surviving," McMahon tells Morning Edition host Renee Montagne. "We are talking about economic security that allows people to live day to day without fear of a lot of the economic insecurity that we've been seeing in recent years."
According to the report, to achieve economic security the average minimum income needed for a family with two workers and two young children is $67,920 — that's with both parents working, and earning just over $16 an hour...The income requirements in the index are about three times more than the federal poverty line, which is $21,756 for a family of four and $10,956 for an individual."
NPR Morning Addition 4-14-2011:
"As President Obama and members of Congress debate national budgets, Shawn McMahon has been calculating individual and family budgets.
He's the research director for Wider Opportunities for Women, a group that works with low-income women and families. The nonprofit group just released its Basic Economic Security Tables index, which measures the minimum income workers need to achieve basic economic security.
"We're not talking about surviving," McMahon tells Morning Edition host Renee Montagne. "We are talking about economic security that allows people to live day to day without fear of a lot of the economic insecurity that we've been seeing in recent years."
According to the report, to achieve economic security the average minimum income needed for a family with two workers and two young children is $67,920 — that's with both parents working, and earning just over $16 an hour...The income requirements in the index are about three times more than the federal poverty line, which is $21,756 for a family of four and $10,956 for an individual."
Despite my instinctive distrust of non-profits with names like this their numbers seem about right. So a family with a mother in the home requires a $32 an hour wage earner. I assume this is pre obamacare and that mandatory health insurance preimums will in many cases raise this to somewhere around $80,000. If my 5 am math is correct thats pushing $40 an hour. Mom or one of the kids will have to go.
There was a study done about how much money it takes to be “happy.” The answer? $65,000 a year. People making $130,000 were no happier than people $65,000 a year. However, people making $65,000 we far happier than people making $37,000 a year.
Economic security is a huge contributing factor to happiness.
In Jersey the figure is $150,000 a year. I dunno where all these people are getting the money to pay $450,000 for a 50 year old 3br/1.5b cape lol. Throw in a $8-14k property tax bill very year and people wonder why the middle class has been leaving in droves.
In Jersey the figure is $150,000 a year. I dunno where all these people are getting the money to pay $450,000 for a 50 year old 3br/1.5b cape lol. Throw in a $8-14k property tax bill very year and people wonder why the middle class has been leaving in droves.
Man, where in Jersey is that? You can get capes around here for 70-100k around here and the 100k figure is probably too high.
N. Jersey, in 10-15 years people in Northern New Jersey are either going to be affluent or poor. A lot of the people living here now couldn't buy a house after the prices spiked in the 00's. It doesn't help when people from Manhattan move in and think 500k+ for a (regular)house is cheap for a roof over their head.
Capes for 100k? How old and what type of condition are they in? I go visit relatives in Houston and NC and am amazed for what they payed for their homes.
The numbers are about right. I would be thrilled to death if I were making $65,000 a year. I make less than half of that working as a a small aircraft pilot. Paying the bills every month is a huge challenge. With the spike in gas prices, it is only going to get harder.
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