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Sunday, October 16, 2016

Poor America: 7 In 10 Americans Have Less Than $1,000 In Savings

All day the political class will talk down to the American public about how they have the drive to cause an economic turn around inside the U.S. and return prosperity. Wielding their statist solutions to every government created distortion in the economy, the rhetoric from Washington dogmatizes an ongoing “recovery” produced by those that call themselves leaders.

“Anyone claiming that America’s economy is in decline is peddling fiction,” President Obama said in his State of the Union address earlier this year.

This week Obama came out and said that his administration has created a “more durable, growing economy” with “15 million new private-sector jobs since early 2010” in an essay in the Economist.

But as most people are aware by now, the government calculated numbers are always twisted in order to create the illusion of economic recovery. Just take the jobs report produced for July, where some 200,000 jobs created were the product of a virtual reality created by a faulty model and the manipulation of seasonal adjustments.

“The gimmicked, headline payroll gain of 255,000 more realistically should have come in below zero, net of built-in upside biases,” John Williams of Shadow Stats said about the July figure.

If there is a recovery, people would have money in their savings, right? Savings is undoubtedly an indicator of wealth.

It turns out that 7 in 10 Americans have less than $1,000 in their savings account.

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16 comments:

Anonymous said...

By the time the mortgage, car insurence,home insurence, taxes on your home, groceriesand gas get you..Delmarva power and thier beat the peak crap come in and finish you off...How the he'll can u save..especially when the majority of jobs pay 10.00 or less ..most people can't make it without assistance anymore...this is not my mama's america...they had li5le but could still make ends meet..not now we are drowning...

Anonymous said...

At every turn, you have some government scumbag with their hand in your pocket.
Local, Federal, State, everywhere you go some government P.O.S. has their hand out, but they don't ask, they demand.

Anonymous said...

These numbers mean that upwards of 90% of Americans do not have the 3 month savings buffer that economic advisers always tell us about to get us through. 90% of us are essentially living in or on the edge of poverty, despite all of the "stuff" that we might have.

Anonymous said...

Not one person will want to hear this but if you are one of the 7 in 10 that don't have $1,000 in savings/buffer, then shame on you. Old school mathematics - spend less money than you make and save the rest. I have gone without cable/directv, AC, cell phone, nice vehicles, drinking alcohol, dining out at any restaurant (fast food or sit down) and bought my clothes at thrift stores at various times during my life. Sacrifice immediate gratification to save money to get ahead. I walked to work and the grocery store until I had enough money to buy a used car for cash. No car payments and only liability ins. rather than a new car and expensive insurance. Same with everything else. Buy it - don't finance it.

Obama Crooked Bastardo said...

Oh, Barrack again. Are his lips moving - then he must be Lying Again. Economy Improving, my arse. Maybe for him and his arse-kissers around D.C., but not anywhere else in the U.S.of A.
Trump to the White House, Obama to the Golf course! Can I get an Amen?!

Anonymous said...

NOT surprised.

Anonymous said...

I'm one of the 7, my wife and I work full time at decent paying jobs and don't take any government handouts, which appearantly is a recipe for failure in this country.

Anonymous said...

9:18 Your tales of doom and gloom are just untrue except in your little slice of the country. I am not a liberal/democrat/rino or whatever name you want to use in an effort to marginalize my comment. My business owns real estate in several states. To manage, dispose and acquire properties, I travel weekly and track RE trends across many markets. Jobs are hard to find in most areas west of the Chesapeake but not because there are no jobs but because people are working. Strip malls that had 50-60% vacancy rates 5 years ago are at 100%. Apartments buildings are going up with floor plans designed to convert to condos. This will make your head spin - I am 8:47. You see me in Salisbury at Walmart or Salvation Army thrift store or the Dollar store and don't even give me a second glance or thought. Sometimes you are parked next to me and chuckle as I get in a 25 year old vehicle but I get the last laugh.

Obama Crooked Bastardo said...

8:47 aka 9:18 thanks for your wonderful input. I'm glad you seem to be doing good as you say. Im not doing so bad either. But to claim economy is doing better, must be a view through pink glasses and drinking Cool-Aid. Dollar doesn't go too far nowadays for sure as we both know. I could tell stories of government confiscation of property, but that would be for another time.
As Independent, I think independent, so I will not call any names, except those at the highest level of government, using taxpayers money to enrich themselves. So if you like your freedom vote Trump 2016, it maybe the last time before loosing little bit of freedom we have left.

Anonymous said...

It's because they spend money they don't have & have to have instant satisfaction. It takes everything to pay credit card accounts. They lucky to be able to buy groceries. Yet they continue to buy because "I want it" rather than "i need it". Nothing is saved up "till I can afford ..."
In short, wasting what they have,

Anonymous said...

hard to believe when I see all the new cars and folks eating out everywhere. I have 200k in savings but I still drive a beat up old Volvo to the same job of 40 years.

Anonymous said...

But what do those same Americans have in checking accounts, investments, stocks, 401Ks and pensions? Many "well heeled" Americans keep their money anywhere but a zero interest savings account.

Anonymous said...

8:47 PM Nice of you to trouble yourself with critiquing my budget.
You are a clueless idiot. A pompass clueless idiot.

lmclain said...

All of you frugal, sacrificing, holier than thou, thrifty souls DO know that there has been serious discussion in the government about CONFISCATING the savings accounts of people like you??? I was waiting for you to tell the rest of us lazy, overspending losers that you slept in a tent for 5 years and ate grass for lunch to save another dollar.
I'm glad you are doing well, but as 9:21 points put, a whole lot of America is in trouble. When I was a kid, the husband alone supported a family. Then it became necessary for the wife to get a job, too, just to keep up. NOW, many families are working THREE jobs to keep up. And, it's not because they are driving Corvettes and going to Longhorn 4 times a week.
I noticed the selfish pompous asses never mentioned anything about their children. It's easy to be frugal when it's JUST YOU.
Try it with a few children and then shut your dumb-ass mouth up.
The middle class is being crushed with annual increases in fines, fees, levies, surcharges, TAXES, permits, "requirements", and the doubling, tripling, and sometimnes the quadrupling of the costs of energy, food,
and what list could be complete without mentioning the cost of obamacare on the middle class, which, for a family, can easily be thousands of dollars a year --- BEFORE you start USING it?
Keep cheering.

Anonymous said...

@11:08 Preach 🙌🏻

Anonymous said...

Exactly..have three teens and work a job at walmart..have a husband at a factory..pay mortgages insurences fines fees school supplies FOOD, and dreaded elecric...then have the state tax county ,city,income along with the Fed's imaginary SS, medicare,income, and pay health insurance for all five people and bills for visits to the dentist...see how much you have to take the kids our or buy a new car...nada