People spend what they earn and so if they are broke they can't afford much. As in the saying "Make nothing, have noting." Or "Small towns are small for a reason." Why is that? Why is there no Red Lobster in your small town? It cost too much? Well low pay dictates what the town has, issues of no social mobility too much socially illiterate and all in all no way to do better as the banks underwriter says "Sorry your income is too low!" Kept low by income!
Low pay is, low! Back in the 90's I was planning to move to St. Louis but the place had no social mobility poverty divide when looking at East St. Louis! If they are stuck so would I so I didn't go there. Also on the other hand other places have a low cost of living but so does a trailer park but doesn't mean you would want to live there! You get what you pay for! And if the pay is low all is low!
There is a need to raise the minimum wage as it's just stupid to have children waged adults! If the adult makes the children wages then what are the children? There is a need to get these people brought up to get the people educated so they can face the future. They are living paycheck to paycheck with no liquid assets poor as anything keeping it all slow and low! It's time to grow, raise the pay!
~~~~~Nearly Half Of America Lives Paycheck-To-Paycheck
While stocks are still near record highs and the inventory-stuffed picture of economic growth for the US ticks up to its fastest pace in 2 years, Time reports that a study (below) by the Corporation for Enterprise Development (CFED) shows nearly half of Americans are living in a state of “persistent economic insecurity,” that makes it "difficult to look beyond immediate needs and plan for a more secure future." In other words, too many Americans are living paycheck to paycheck... but their findings get worse. https://www.zerohedge.com/news/2014-02-01/nearly-half-america-lives-paycheck-paycheck
~~~~~Asset poverty
Asset poverty is an economic and social condition that is more persistent and prevalent than income poverty. It is a household’s inability to access wealth resources that are sufficient to provide for basic needs for a period of three months. Basic needs refer to the minimum standards for consumption and acceptable needs. Wealth resources consist of home ownership, other real estate (second home, rented properties, etc.), net value of farm and business assets, stocks, checking and savings accounts, and other savings (money in savings bonds, life insurance policy cash values, etc.). Wealth is measured in three forms: net worth, net worth minus home equity, and liquid assets. Net worth consists of all the aspects mentioned above. Net worth minus home equity is the same except it does not include home ownership in asset calculations. Liquid assets are resources that are readily available such as cash, checking and savings accounts, stocks, and other sources of savings. There are two types of assets: tangible and intangible. Tangible assets most closely resemble liquid assets in that they include stocks, bonds, property, natural resources, and hard assets not in the form of real estate. Intangible assets are simply the access to credit, social capital, cultural capital, political capital, and human capital.
~~~~~How Many Americans Are Liquid Asset Poor?
“As millions of Americans today struggle to save for emergencies, investing in their futures is increasingly out of reach,” explains the report. “Flagging homeownership rates, declining retirement savings, and increasing college debt all contribute to the worst wealth inequality in generations. Without improved policies at all levels of government that help families earn more, save more, and build assets, the yawning income and wealth inequality gap in the United States will widen rather than narrow. Inaction consigns millions to persistent financial insecurity, dimming their economic future and the future of the nation as a whole.”
~~~~~The problem with illiteracy and how it affects all of us
Employers are less likely to hire individuals who haven’t finished high school, thus leading to longer periods of unemployment. High rates of unemployment and the resulting loss of tax revenue end up costing the United States upwards of $225 billion per year.
https://readingpartners.org/blog/problem-illiteracy-affects-us
~~~~~50 million American households can’t even afford basic living expenses
Some 50.8 million households or 43% of households can’t afford a basic monthly budget for housing, food, transportation, child care, health care and a monthly smartphone bill, according to an analysis of U.S. government data released this month by the United Way Alice Project, a nonprofit based in Cedar Knolls, N.J. that aims to highlight the number of people who live in poverty.
The project uses standardized measurements to calculate the “bare bones” household budget in each county in each state. It maintains that the federal poverty level — currently $25,100 for a family of four — doesn’t accurately illustrate the number of people living in poverty because it doesn’t take into account the dramatically different costs of living across the U.S.
“For too long, the magnitude of financial instability in this country has been understated and obscured by misleading averages and outdated poverty calculations,” said John Franklin, chief executive of the United Way Alice Project. “It is morally unacceptable and economically unsustainable for our country to have so many hardworking families living paycheck to paycheck.”
https://www.marketwatch.com/story/50-million-american-households-cant-afford-basic-living-expenses-2018-05-18
~~~~~50 million American households can’t even afford basic living expenses
Some 50.8 million households or 43% of households can’t afford a basic monthly budget for housing, food, transportation, child care, health care and a monthly smartphone bill, according to an analysis of U.S. government data released this month by the United Way Alice Project, a nonprofit based in Cedar Knolls, N.J. that aims to highlight the number of people who live in poverty.
The project uses standardized measurements to calculate the “bare bones” household budget in each county in each state. It maintains that the federal poverty level — currently $25,100 for a family of four — doesn’t accurately illustrate the number of people living in poverty because it doesn’t take into account the dramatically different costs of living across the U.S.
“For too long, the magnitude of financial instability in this country has been understated and obscured by misleading averages and outdated poverty calculations,” said John Franklin, chief executive of the United Way Alice Project. “It is morally unacceptable and economically unsustainable for our country to have so many hardworking families living paycheck to paycheck.”
https://www.marketwatch.com/story/50-million-american-households-cant-afford-basic-living-expenses-2018-05-18
