76 million American adults say they are struggling financially.

[Barack_America]

76 million Americans are struggling financially or just getting by

...The Fed survey highlights many of Americans' continuing economic worries. Some 46% of adults say they can't cover an unexpected $400 expense or would have borrow or sell something to do so

While lower income Americans said they'd have the toughest time handling this emergency charge, some 38% of middle class Americans reported they'd have trouble too. Even 19% of those raking in over $100,000 a year said they couldn't pay the bill promptly.

About one-third of Americans also say that their income varies month-to-month, mainly because they have an irregular work schedule. Some 45% say their expenses shift each month. Some 42% of those with these volatile income streams or expenses say they struggled to pay the bills at least once in the past year...

...But nearly one-third of non-retired adults have not socked away anything for their Golden Years nor do they have a pension. This includes 27% of those age 60 and older.

This is probably why many Americans plan to continue working when they hit retirement age. Some 42% expect to either retire at age 70 or older or to never retire...

http://money.cnn.com/2016/06/10/news/economy/americans-struggling-financially/

The link also shows a graphic stating that 66% of American wealth is held by millionaires, more than double that of Western Europe.

This is unacceptable. Why aren't we doing better than this?

[RKP5637]

1. So many Americans live in denial as they swallow the American work ethic that it's ALL their fault.

Americans are manipulated and propagandized all over the place. If one stands back and looks at the situation today in America, it's deplorable. And much of it's swept under the rug.

[raindaddy]

18. Totally agree..

Americans work longer hours for less money than any major country in the world. Pay more for healthcare, higher education, lack modern public transportation. No wonder the suicide rate has skyrocketed..

They've also lost their representative government. Haven't heard much about how the Dem candidate for President plans to change the fact that we're living in an oligarchy.. I'm sure she'll develop a plan to place us back on the road to democracy and let us know before the general election..

[hobbit709]

2. Unless you are a 1%er or one of their minions, you are screwed.

[Barack_America]

3. But 8 years later...

...why has so little changed?

Obviously, Congress has played a large role, but why am I not hearing every Democrat decrying this?

[hobbit709]

4. Because quite a few of them in Washington were in on it.

The ones that managed to enrich themselves while the rest of us went broke.

[davidn3600]

6. Not all Democrats are your friend

[onecaliberal]

12. Because they do not care about people, they care about protecting their donors

And their seats.

[Barack_America]

15. It's sad to think that working families has no one to advocate for them.

And it's sadly obvious that it's true.

[onecaliberal]

32. Yup. In California they basically said fuck off and don't vote, then the people who did

2.5 million votes will not be counted. They are brain dead enough to think those people are going to vote in November. It's not going to happen. If they do vote it won't be for her. Everyone I've talked to in my general area is steaming mad about what happened in the California primary and before.

[RKP5637]

19. Because many dems with $$$$$'s are much like republicans. It's inate human behavior for

many, primordial, survival of the fittest and all of that.

[Just reading posts]

7. While that's the case for many people, I don't think it's the true for everyone in the bottom 99%.

I'm not exactly rich (I make roughly $60K/year plus benefits). And yet....

The Fed survey highlights many of Americans' continuing economic worries. Some 46% of adults say they can't cover an unexpected $400 expense or would have borrow or sell something to do so While lower income Americans said they'd have the toughest time handling this emergency charge, some 38% of middle class Americans reported they'd have trouble too. Even 19% of those raking in over $100,000 a year said they couldn't pay the bill promptly.

I would find paying an unexpected $400 bill trivial.

About one-third of Americans also say that their income varies month-to-month, mainly because they have an irregular work schedule. Some 45% say their expenses shift each month. Some 42% of those with these volatile income streams or expenses say they struggled to pay the bills at least once in the past year...

My income is steady as a rock.

...But nearly one-third of non-retired adults have not socked away anything for their Golden Years nor do they have a pension. This includes 27% of those age 60 and older. This is probably why many Americans plan to continue working when they hit retirement age. Some 42% expect to either retire at age 70 or older or to never retire...

$200K in my retirement fund, and I'll get a pension when I retire in a couple of years at age 56.

This is not to say that my experience is typical by any means. I simply point it out to show that saying you have to be in the 1% or be a "minion" of them to be financially secure is something of an overgeneralization.

[hobbit709]

8. There's millions who had their retirement funds wiped one way or another

All it takes is one major crisis and you're done for.

[Just reading posts]

11. That can (and does) happen to many, certainly. Hell, I had my own crises about 5 years ago when I

was diagnosed with stage III cancer. I had to miss half a year of work, and had medical bills which totaled over $300,000.

Luckily, my insurance paid 100% of the bills after the first $5K, and my savings were sufficient to tide me over while I recovered, although they did take a major hit. I've since built them back up.

[Barack_America]

9. If I may ask, did you raise children?

My feeling is that it is families who are struggling the most. So many more expenses to stretch that income across.

I know my family's childcare costs, for example, are our largest expense. And that's not even for full-time care.

[Just reading posts]

10. No. Single, never married.

One of the reasons I decided not to have children was, frankly, self-interest. I want to spend my money on me. As a result, I can (for instance) afford to fly to England and spend a week there pretty much on a whim. This would very much not be the case if I was raising a family!

I know my family's childcare costs, for example, are our largest expense. And that's not even for full-time care.

I can only imagine.

[Barack_America]

13. I would suspect that not having children is the difference.

And while you can argue that the new economic reality is that people should just not have kids, even that decision would ultimately negatively impact the economy, in terms of workforce.

So the fact remains that income inequality is ultimately going to destroy our economy.

[Just reading posts]

14. Oh, there's no doubt. When I talk with my co-workers about my vacations, to a person their reaction

is, "I'd love to do that, but I've got kids".

So the fact remains that income inequality is ultimately going to destroy our economy.

I don't know about "destroy"....I don't anticipate "Mad Max" being a reality any time soon....but it's certainly going to have a negative impact, yes.

[Yo_Mama]

22. Raising one child costs over 200K, no matter how careful/lucky you are.

That's why you have a retirement fund and those with kids don't.

Also, you have unbelievably good insurance that 95% of Americans don't get.

When you have a child, there are medical expenses, seemingly endless school costs, etc. Life is more uncertain and vastly less under your control.

Glad you beat the cancer!!!

[jtuck004]

30. It's folks like you who want to Make America Great Again, I suspect. Good luck. n/t

[Igel]

38. Part of the problem is what you see.

54% would have no problem.

Even among the bottom 46%, it's unstated why the'd have a problem coming up with $400 quickly. I know if I had to, I'd borrow. I'd put it on a credit card.

Could I write out a check? Sure. It's inconvenient. My parents could have written a check for the equity I have in our house as well as my savings (both retirement and emergency) as well as the outstanding mortgage on my hosue ... with a month's notice. But on the spur of the moment, not. They, too, would have put the $400 on credit.

I know families making $200,000 a year who wouldn't be able to cough up $400 in cash on short notice. They live in $400k houses and the mortage is a killer.

Similarly, my income varied from month to month when I was in my 20s. At the same time, it was rock solid. I got paid every 2 weeks. Two months per year I got three paychecks. When I was in my 30s it also varied--I got paid during the school year for most of my income, but did part-time work that varied year round.

So we hear the numbers and make assumptions as to what's behind them. There's a lot of variation there, but we dispose of all of that because we know the single real reason. Now, a majority of those are likely going to be poor, hourly workers; but many of those won't be poor, and many will vary for all sorts of reasons. An optometrist in private practice has variable income; a sales agent primarily on commission has variable income. However there's no breakdown, so a majority is "likely" and might just be 51%. The rest of the argument is beliefs, those things we see and assume are 100% of the facts, and those must not be questioned.

[HereSince1628]

5. Time for more OPIATES of the People so here: YOUR reward is in heaven, dude...

Which I think really -could- be a misspelling of what is intended to be "he van" which you can find without wheels down by the river.

[SmittynMo]

16. We just had a chance to change it all

But we decided on an oligarch instead. Sorry guys.

[RKP5637]

20. Yep, exactly what happened. As most history shows, Americans are often not the

sharpest voters.

[Barack_America]

23. It be nice to see a graph of voting against one's own interests...

...over time, plotted against television viewership and newspaper readership.

[RKP5637]

24. That, would be VERY interesting to see!!! n/t

[Ferd Berfel]

17. And CLinton WILL NOT make it any better

Correcting this problem is NOT part of her ideology.

http://www.democraticunderground.com/10027898122

Our Neoliberal Nightmare: Hillary Clinton, Donald Trump and Why the Wealthy Win Every Time

http://www.truth-out.org/opinion/item/36376-our-neoliberal-nightmare-hillary-clinton-donald-trump-and-why-the-wealthy-win-every-time

[90-percent]

21. Well, duh.....

CORPORATIONS OWN YOU! Be happy with what you got.

--90% jimmy

[NorthCarolina]

25. Too bad so sad...coulda had a candidate that actually cares about their plight,

and would continue to do so post election. Now, not so much.

[LiberalArkie]

26. That is the way the American voters want it, otherwise they would elect different people.

We Americans support our oligarchy with pride and our dollars.

[Barack_America]

27. There has to be a breaking point.

How bad does it have to get before we say, "enough!"?

I truly wonder.

[jwirr]

37. I hope this does not happen but that time will come when

people like you are also hurting.

[Barack_America]

40. ??

I don't understand your comment.

[jwirr]

42. Most people in a good position do not understand what is

happening to the rest of us. And most do not care. That does not mean that you are one of them but that they are not hurting in this economy we find ourselves in.

[Sunlei]

28. It is Congress who can raise the Federal minimum wage in a day. (R) Congress members will not.

They have totally ignoredall requests to raise the Federal minimum wage from everyone. Even the President has asked for YEARS, in both his terms.

[forthemiddle]

29. Monthly expenses are so expensive nowadays

If people went only one to two months without cell phone, cable and Internet they could save that $400 for the emergency. That's not a solution or a put down but a fact without judgement.
A lot of people could come up with the money with just a little creative financing. Does someone that makes over 100,000 a year really struggle or are they just overspending on stuff every month?

[Skittles]

46. wasn't that long ago there was no cell phone, cable and internet bill

but pay has not kept up at ALL

[Fumesucker]

31. Five, five days. Ah ah ah

[Orrex]

33. LOL

[Barack_America]

35. What? Income inequality can't be discussed in 5 days?

Well, then I guess DU dies in 5 days, if not in traffic, then definitely in soul.

[Fumesucker]

36. The chocolate ration is being increased from five grams a week to fifteen grams a month

We are going to throw a celebration in honor of this great leap forward in the standard of living, would you care to join us?

[Igel]

39. And the norm is 4 square meters per person.

With expectations that the norm will be met sometime in the next 30 years.

[Fumesucker]

44. I think he beats the pants off journalists today

[Barack_America]

41. Wow do you have me confused.

But I do love chocolate.

[Fumesucker]

45. Someone congratulated me today on a post that I had put up by mistake and edited

I don't have a clue what I wrote that they praised me for. My short term memory is spotty, like overclocked RAM I lose stuff here and there.

The sheer number of ways the human mind can go off the cognitive rails is frightening.

My first post was poking gentle fun at our more authoritarian posters who are fond of reminding us how long before the velvet glove comes off the iron hand.

[AgadorSparticus]

34. Job markets are changing. Inflation. Nt

[felix_numinous]

43. It takes a LOT of energy

to maintain and project such a giant distortion matrix. Since it is not grounded in reality it cannot be sustained indefinitely. The real world made up of millions of real people who are angry and in pain will break through sooner than later.

[Rex]

47. A plutocracy doesn't care about the working class and seems to almost be done destroying

the middle class. One day an adult that does not worry about personal ramifications will step up and shut it down. I do hope to live to see that day, yet at 45 I doubt it.

[bhikkhu]

48. Savings rates have traditionally been very bad in the US

That is, people tend to adopt a lifestyle where they spend what they have, and they keep little aside in savings. I do a little better lately myself, but when I have money to set aside I tend to put it in a retirement fund held in stocks. I takes awhile to get cash out, so I'd have a little trouble.

As far as the numbers, 92 million people in the US are in the lower income bracket. Having spent a lot of time there, I have no doubt about how difficult it is to come up with $400 cash on short notice.