How Many Americans Facing Serious Crisis?
July 19, 2008
– Comments (8)
We know a few years ago, many Americans were living paycheck to paycheck. These were people on Social Security, government assistance, lower paying jobs, and highly leveraged. Some estimates ran higher than 50% of the population.
Think about the following:
In the past three years, many of the above incomes remained stagnant. However, much of what they purchased.... food, fuel, medicine, insurance ect.....has skyrocketed. If they were living paycheck to paycheck a few years ago.....mathematically they can't make ends meet today.
If the above thesis were correct, we would be seeing higher foreclosure rates, more people visiting food banks, and elderly selling their homes simply to generate extra cash to live. Whoops.
At this point, I estimate that at least half of the American population is facing a very serious financial crisis. If fuel costs remain high going into the winter....the consequences could be material.
Remember , if half the country needs help, the other half needs to help em.... regardless whether its McCain or Obama....get ready to watch your taxes skyrocket...this year will be the highest budget deficit in US history under a Republican administration....as we know, the airlines, autos, banks, builders, and developers are going to be getting HUGE tax rebates this year.....so I guess we are just going to have to dig a LOT LOT little deeper into our checkbooks this year to make up the difference.
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