America is a land of class mobility. That’s what makes America a magnet destination for people all over the world: Come to America and make something of yourself. If you want great welfare benefits, try to bust into Europe; if you want to work for a living and get rich, come to the United States.
But for some Americans, there is no class mobility. There is a permanent economic underclass, and those who inhabit it have no ability to rise above their fiscal fate.
There is a reason for that: They make bad decisions.
Take, for example, prom night. A recent study from Visa shows that the average family spends a whopping $1,078 on their teenager’s prom night. But what’s more interesting is that there is an income breakdown. If you make more than $75,000 per year, you will spend somewhere between $700 and $1,000. If you are one of the unfortunates who earn between $20,000 and $29,999 per year, you will spend … $2,600. In other words, if you earn three times less, you’ll spend three times more.
This is not a recipe for financial success.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
Dude has some points; poor decisions do keep many poor, well, poor. BUT he seems to forget that those same poor spending habits are what supports so many of the businesses that the rich own! lol. This economy is built off the backs of US consumer spending. As in all those poor and middleclass people. When they don't spend, the economy gets in trouble. Seems too many conveniently forget this.
Yep, prom night thats the problem with the class situation in America. LOL wow. Could it not be the "less fourtunate" could be trying to compensate for a poor childhood the kid experienced from being poor?
Bull crap.make three times less pay three times more.only if you finance something.and most poor people can't finance.thus guys who wrote this is stupid.
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