Thursday, February 20, 2014

Poverty in the USA

The owning class in the USA like to portray America as the embodiment of all that is modern and dynamic about 21st century capitalism, but remain silent about the plight of their working class. 'A new report finds nearly half of Americans are living paycheck to paycheck. The Corporation for Enterprise Development released a new study that found 44% of Americans are "liquid asset poor", meaning they have less than three months' worth of savings. The CFED measured that amount at $5,887 for a family of four. That is three times monthly income at the poverty level. The report also found that these families live in a persistent state of financial insecurity, unable to look beyond immediate needs and save for the future.' (Yahoo Finance, 31 January) According to the study, the groups affected by income insecurity defy some stereotypes. The majority of the families considered "liquid asset poor" are white and employed and nearly half have some college education. RD

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