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78 Percent Of U.S. Workers Are Living ‘Paycheck To Paycheck’ And 71 Percent Of Them Are In Debt

Are you living paycheck to paycheck?  Is so, you are just like most other hard working Americans.  As you will see below, 78 percent of full-time workers in the United States say that they are living paycheck to paycheck.  That is the highest figure ever recorded, and it is yet more evidence that the middle class is under an increasing amount of stress.  The cost of living is rising at a much faster pace than our paychecks are, and more families are falling out of the middle class with each passing month.  Unfortunately, this is something that the mainstream media really doesn’t want to talk about these days.  Instead, they just keep having us focus on the soaring financial markets which are being grossly artificially inflated by global central banks.

When I came across the numbers that I am about to share with you I was actually quite stunned.  I knew that things were not great in “the real economy”, but I didn’t expect that the number of Americans living paycheck to paycheck would actually be rising.  But that is precisely what a brand new survey that was just released by CareerBuilder is saying…

Seventy-eight percent of full-time workers said they live paycheck to paycheck, up from 75 percent last year, according to a recent report from CareerBuilder.

Overall, 71 percent of all U.S. workers said they’re now in debt, up from 68 percent a year ago, CareerBuilder said.

While 46 percent said their debt is manageable, 56 percent said they were in over their heads. About 56 percent also save $100 or less each month, according to CareerBuilder.

The first thing that we want to note about this survey is that it only includes full-time workers.  So the unemployed, part-time workers, those that work for themselves and those that are independently wealthy were not included.

The second thing that we want to note is that these numbers have gotten worse since last year.

That certainly does not fit with the narrative that we are being fed by the mainstream media, but it does fit with the reality that most people are living on a daily basis.

Most Americans work extremely hard, but they can never seem to get ahead.  Most of us are in debt, and a couple of weeks ago I wrote about how the elite use debt as a tool of enslavement.  As we work endless hours to “pay the bills”, we are steadily enriching those that are holding our debts.

In addition, the cost of living is steadily going up, and most U.S. families are just barely scraping by from month to month as a result.  Just a couple days ago I wrote about how Obamacare was causing health insurance premiums to skyrocket, and today I came across another example of someone that has seen their annual premiums more than double during the Obamacare era…

For some lower-income people in Obamacare, the rising premiums President Donald Trump has talked so much about will barely be felt at all. Others, particularly those with higher incomes, will feel the sharp increases when insurance sign-ups begin Wednesday.

Richard Taylor is one of the people on the wrong end. The 61-year-old, self-employed Oklahoman has meticulously tracked his medical costs since 1994. In 2013, he signed up for an Affordable Care Act plan for the law’s first year offering coverage to millions of Americans.

Four years ago, annual premiums for a mid-level “silver” plan to cover his family totaled $10,072.44. For 2017, they were $21,392.40—up 112 percent.

Who can afford $21,000 a year for health insurance?

I know that I can’t.

And rates are supposed to go up substantially again in 2018.  We must repeal Obamacare, and we must do it now.

In addition to financial stress, most Americans are also deeply concerned about the future of this country.  Just consider the following numbers from a poll that was released this week

Almost two-thirds of Americans, or 63 percent, report being stressed about the future of the nation, according to the American Psychological Association’s Eleventh Stress in America survey, conducted in August and released on Wednesday.  This worry about the fate of the union tops longstanding stressors such as money (62 percent) and work (61 percent) and also cuts across political proclivities. However, a significantly larger proportion of Democrats (73 percent) reported feeling stress than independents (59 percent) and Republicans (56 percent).

I certainly can’t blame the Democrats for being stressed out.  Donald Trump is in the White House and pro-Trump forces are taking over the Republican Party.  And if a large wave of pro-Trump activists goes to Congress in 2018, we are going to take this nation in a completely different direction.

That same survey referenced above also discovered that 59 percent of Americans consider this “to be the lowest point in our nation’s history that they can remember”

A majority of the more than 3,400 Americans polled, 59 percent, said “they consider this to be the lowest point in our nation’s history that they can remember.” That sentiment spanned generations, including those that lived through World War II, the Vietnam War, and the terrorist attacks of Sept. 11. (Some 30 percent of people polled cited terrorism as a source of concern, a number that’s likely to rise given the alleged terrorist attack in New York City on Tuesday.)

That number seems very strange.

Yes, I can understand that those on the left are very pessimistic now that Trump is in the White House, but this is definitely not the lowest point in recent history.

Have people totally forgotten the financial crisis of 2008?

What about 9/11?

The JFK assassination, the Vietnam War, the deep recession during the Carter years and the entire Obama era are also examples of very low points in recent history.

Yes, great challenges are coming, but for the moment the economy is relatively stable, much of the world is at peace, and at least Hillary Clinton is not in the White House.

There is so much to be thankful for, and if people out there think that this is the “lowest point” in recent American history, how are they going to feel when a real crisis comes along?

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.

On The Verge Of The Next Economic Crisis, 62 Percent Of Americans Are Living Paycheck To Paycheck

Money Emergency Funds - Public DomainNearly two-thirds of all Americans are completely and totally unprepared for the next economic crisis.  As you will read about below, a new survey has found that only 38 percent of Americans have enough money on hand to cover “a $500 repair bill or a $1,000 emergency room visit”.  That essentially means that 62 percent of the people in this country do not have an emergency fund.  Even after the extremely bitter financial lessons that millions of Americans learned during the last recession, most of us are still choosing to live on the edge.  That is utter insanity, and when the next major economic downturn strikes most people are going to find themselves totally unprepared.

The number one thing that you need to do to get ready for the coming economic collapse is to build up an emergency fund.

I know that is not the most “sexy” piece of advice in the world, but it is the truth.  Just think about it.  During the last recession, millions of Americans suddenly lost their jobs.  Because they did not have any cushion to fall back on, millions of them also suddenly could not pay their bills and their mortgages.  Foreclosures skyrocketed and countless families went from living a very comfortable middle class lifestyle to being out on the street in very short order.

And now because the people of this country have been so foolish it is going to happen again.

Because of my website, people are constantly asking me what they should do to prepare for the coming economic collapse.

I think that they expect me to say something like this…

“Sell everything that you possibly can and buy gold and silver, go purchase a llama farm, and dig a bunker where you can bury 10,000 cases of MREs.”

Not that there is anything wrong with those kinds of preparations.

But before you do anything else, you have got to have an emergency fund.  My recommendation is to have an emergency fund that can cover at least six months of expenses in case something happens.

Sadly, a solid majority of Americans do not have any emergency cash at all.  The following comes from the Wall Street Journal

Only 38% of those polled said they could cover a $500 repair bill or a $1,000 emergency room visit with funds from their bank accounts, a new Bankrate report said. Most others would need to take on debt or cut back elsewhere.

“A solid majority of Americans say they have a household budget,” said Bankrate banking analyst Claes Bell. “But too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help.”

The survey found that an unexpected bill would cause 26% to reduce spending elsewhere, while 16% would borrow from family or friends and 12% would put the expense on a credit card. The remainder didn’t know what they would do or would make other arrangements.

And of course this is not the only poll that has come up with these kinds of results.  In fact, a Federal Reserve survey from last year produced similar numbers

The findings are strikingly similar to a U.S. Federal Reserve survey of more than 4,000 adults released last year. “Savings are depleted for many households after the recession,” it found. Among those who had savings prior to 2008, 57% said they’d used up some or all of their savings in the Great Recession and its aftermath. What’s more, only 39% of respondents reported having a “rainy day” fund adequate to cover three months of expenses and only 48% of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.

Meanwhile, the financial condition of most American families is far worse than it was just prior to the last major economic crisis.  As a recent MarketWatch article detailed, the average family currently has far less wealth than it did back then…

But while the jobs market is improving and the Affordable Care Act has given an estimated 15 million people access to medical care, the Great Recession does appear to have taken its toll on Americans’ finances; in fact, they’re 40% poorer today than they were in 2007. The net worth of American families — that is, the difference between the values of their assets, including homes and investments, and liabilities — fell to $81,400 in 2013, down slightly from $82,300 in 2010, but a long way off the $135,700 in 2007, according to a report released last month by the nonprofit think tank Pew Research Center in Washington, D.C.

So we have a lot less wealth, and almost two-thirds of us have no emergency cushion to fall back on whatsoever.

What could go wrong?

In addition, there is lots of evidence that much of the country has not bothered to make any preparations at all for even a basic emergency that would last for just a few days.  For example, the following are results from a survey conducted by the Adelphi Center for Health Innovation that I featured in a previous article

  • 44 percent don’t have first-aid kits
  • 48 percent lack emergency supplies
  • 53 percent do not have a minimum three-day supply of nonperishable food and water at home
  • 55 percent believe local authorities will come to their rescue if disaster strikes
  • 52 percent have not designated a family meeting place if they are separated during an emergency
  • 42 percent do not know the phone numbers of all of their immediate family members
  • 21 percent don’t know if their workplace has an emergency preparedness plan
  • 37 percent do not have a list of the drugs they are taking
  • 52 percent do not have copies of health insurance documents

What are all of those people going to do if there is an extended crisis or disaster in this nation?

That is a very good question.

Meanwhile, the signs that we are on the verge of the next major economic crisis just continue to grow.  Yesterday, I shared 10 things that happened just prior to the financial crisis of 2008 that are happening again right now.

Today, we learned that a major oil driller down in Texas has just declared bankruptcy, and many more energy companies are expected to follow suit in the coming months.  The following is from the Wall Street Journal

[S]igns of strain are building in the oil patch, where revenue growth hasn’t kept pace with borrowing. On Sunday, a private company that drills in Texas, WBH Energy LP, and its partners, filed for bankruptcy protection, saying a lender refused to advance more money and citing debt of between $10 million and $50 million. Neither the Austin-based company nor its lawyers responded to requests for comment.

Energy analysts warn defaults could be coming. “The group is not positioned for this downturn,” said Daniel Katzenberg, an analyst at Robert W. Baird & Co. “There are too many ugly balance sheets.”

And we also learned today that teen retailer Wet Seal is going to be closing two-thirds of its stores.

Dozens more retailers are expected to make similar announcements over the coming months.

We are moving into the most chaotic time for the U.S. economy that any of us have ever seen, and most Americans are totally oblivious to what is happening and are totally unprepared.

So what is our country going to look like when tens of millions of unprepared people are blindsided by a crisis that they never saw coming?

Job = Just Over Broke

Jobs - Public DomainIf you are fortunate enough to have a job in America today, the phrase “just over broke” probably describes you.  Yes, there are a handful of jobs that certainly pay very well, but most Americans that work for somebody else are just barely making it from month to month.  More than half of all working Americans are living paycheck to paycheck, and more than half of all working Americans make less than $30,000 a year.  That is an amazing statistic but it is actually true.  Once upon a time, anyone that was responsible and that was willing to work hard could get a good job in America.  But now those days are long gone.  Instead, we live at a time when good jobs are disappearing and when the middle class is getting smaller with each passing year.  In some homes, the husband and the wife are both working multiple jobs and they can still barely pay their bills.  Something has gone horribly wrong, and yet our leaders just keep telling us how wonderful our economy is.

One of the biggest things that has killed jobs in this country is the fact that the U.S. economy has been steadily merged into the emerging one world economic system over the past several decades.  They call it “free trade”, but they never told us that we would be merged into a single global labor pool where we would be competing directly for jobs with workers on the other side of the planet that live in nations where it is legal to pay slave labor wages.

According to Gallup, only about 1.3 billion people around the world work full-time for an employer at this point.

But overall there are more than 7 billion people.

That means that there are a whole lot of really poor, really desperate people that need to be employed.

This has been wonderful for the big corporations.  They can just take jobs away from American workers and give them to people who are willing to work for less than a tenth of what an American worker would make.  This has resulted in the systematic deindustrialization of the United States and horrific decline in dozens of formerly great manufacturing cities.

At the same time, we have also been losing millions of middle class jobs to technology.  At this point, robots are even starting to replace warehouse workers and fast food employees.  As robots become even more advanced and become even cheaper to produce, there will be less jobs available for the rest of us.

And what happens when robots can do everything better than us?

Because there are fewer middle class jobs available, the competition for the remaining jobs has become incredibly intense.  In recent years, millions of Americans have been forced to take just about anything that they can get.  For those Americans, “just over broke” has become “just trying to survive” as they scratch and claw their way through life.

A recent CNBC article profiled one such individual.  His name is Ken Bowman, and his job at a guitar shop just barely enables him to pay his rent and feed himself…

Ken Bowman joins the line for a free lunch in the Youngstown Salvation Army canteen, just like he does every Friday.

Looking younger than his 21 years, his hair dyed jet black and wearing big, battered boots, Bowman plays heavy metal on his cell phone. He chooses a seat at the end of a table and sits hunched over his tray, his blues eyes furtively sweeping the room. The others sit in packs, regulars who’ve formed lunchtime friendships over their burnt coffee and peppered corn, discussing the jobs they once had and the government benefits they no longer get.

Bowman is sensitive to the stigma of accepting handouts like lunch. “[It] doesn’t mean you’re homeless or poor, people have standards but they struggle,” he said, his chin jutting out, his eyes glowering.

After paying his rent, Bowman says his job in a guitar shop leaves him with $50 a month to live on — if he can get shifts. He is one of America’s “underemployed,” a group of as many as 11 million Americans struggling to survive in society’s shadows on wages that put them below the federal poverty line.

There are millions of others out there just like Bowman.  In fact, as I mentioned in a previous article, one out of every four part-time workers in America is living below the poverty line.  The “working poor” is a phrase that describes a very large segment of the U.S. population today.

And the cold, hard truth of the matter is that most of the country is steadily getting poorer.  According to a study recently discussed in the New York Times, the “typical American household” is now worth 36 percent less than it was worth a decade ago.  That is a staggering decline in just ten years.

Meanwhile, the cost of living continues to rise.  This is something that I have discussed repeatedly, but sometimes a picture can say things far better than any words can.

The photo posted below has been floating around on Twitter.  It is of a McDonald’s menu from the 1960s.  As you can see, prices have gone up a little bit since then…

Inflation - McDonald's

Most people think that I am crazy when I tell them that I can remember a cup of coffee being sold for a quarter when I was young.  But it is true.  Over the long-term, our purchasing power has been systematically destroyed by the insane polices of the Federal Reserve.

Sadly, most Americans don’t understand any of this.  They just trust that our leaders actually know what they are doing.  Meanwhile, they just keep on struggling to survive in an economic system that is stacked against them.

According to one recent study, 40 percent of all households in the United States are experiencing financial stress right now and the homeownership rate for Americans under the age of 35 is at an all-time low.

In the old days, if you got your education, worked hard and did all the right things, it was just about an automatic ticket to the middle class.

Today it doesn’t work like that.

Instead, more Americans than ever are being forced to become dependent on the government.  If you can believe it, Americans received more than 2 trillion dollars in benefits from the federal government last year alone.

So it astounds me whenever I hear anyone say that the economy is in “good shape”.

How can it be in “good shape” when one out of every three adults in the United States has an unpaid debt that is “in collections” and there are 49 million Americans that are dealing with food insecurity?

The truth is that we are in the midst of a long-term economic decline that is the result of decades of incredibly foolish decisions.

Until the American people start understanding what has happened to us, they are never going to demand real change that actually accomplishes something.

Finca Bayano

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