Census: Half of Americans Are Poor or Low-Income

[Valmy]

Then all the Yacht companies fold and all associated with the industry are driven into the proletariat, who then can be the vanguard of the revolution?

[Malthus]

Then all the Yacht companies fold and all associated with the industry are driven into the proletariat, who then can be the vanguard of the revolution?

Sailing onward to victory!

[The Minsky Moment]

Sad but true. These people will vote for the party that doctors and lawyers vote for, as if somehow their interests are inclusive.

Lawyers tend to vote democratic
Once income gets above certain levels, other goods become important.  Like personal freedom for example.  The parties take different views on that.  The GOP is really good on liberties like the freedom to dump toxic chemicals, or the freedom to stockpile submachineguns, or the right to build 40,000 square foot houses on one acre lots witout PITA zoning boards getting in the way, or the right of large multinational corporations to "speak" (i.e. buy elections with massive wads of cash).  The Democrats are better with things like freedom from intrusive government surveillance, having government abide by rule of law, freedom from torture, or the speech rights of actual breathing human beings.  Lots of lawyers tend to think the latter sorts of things actually matter, even at the cost of sending a few more bucks to the Feds.

[Eddie Teach]

Naw, I have actual experience speaking of that here. You can afford a lot of stuff on that kind of salary, but you have a lot of expenses too.

Expenses growing to match available funds *can* be avoided. Look at Mono, for example. He prioritizes early retirement, so he saves the money. The same can happen if someone really wants a boat, or a nice car, or expensive vacations, etc.

[Sheilbh]

Who're the other data points?  Faeelin's kinda obligated to vote Democrat, 'cause he's gay, but he's never struck me as particularly leftist.  Stjaba I barely know.  Mihali is a raving hippie, but I appreciate his energy.

That stings

[HVC]

but then again is that anyway to live?

[Ideologue]

Who're the other data points?  Faeelin's kinda obligated to vote Democrat, 'cause he's gay, but he's never struck me as particularly leftist.  Stjaba I barely know.  Mihali is a raving hippie, but I appreciate his energy.

That stings

I thought the question implicitly referred to American lawyers.

But fair enough: Sheilbh likes poems, which is pretty leftist I guess.

[Sheilbh]

I thought the question implicitly referred to American lawyers.

And here was me thinking lawyerdom was an international brotherhood 

[Ideologue]

I don't think they're an intranational brotherhood.

[MadImmortalMan]

Here's your doom for the day.

#1 A staggering 48 percent of all Americans are either considered to be "low income" or are living in poverty.



#2 Approximately 57 percent of all children in the United States are living in homes that are either considered to be "low income" or impoverished.



#3 If the number of Americans that "wanted jobs" was the same today as it was back in 2007, the "official" unemployment rate put out by the U.S. government would be up to 11 percent.



#4 The average amount of time that a worker stays unemployed in the United States is now over 40 weeks.



#5 One recent survey found that 77 percent of all U.S. small businesses do not plan to hire any more workers.



#6 There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million extra people to the population since then.



#7 Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.



#8 According to the Bureau of Labor Statistics, 16.6 million Americans were self-employed back in December 2006.  Today, that number has shrunk to 14.5 million.



#9 A Gallup poll from earlier this year found that approximately one out of every five Americans that do have a job consider themselves to be underemployed.



#10 According to author Paul Osterman, about 20 percent of all U.S. adults are currently working jobs that pay poverty-level wages.



#11 Back in 1980, less than 30% of all jobs in the United States were low income jobs.  Today, more than 40% of all jobs in the United States are low income jobs.



#12 Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job.  In July, only 81.2 percent of men in that age group had a job.



#13 One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.



#14 The Federal Reserve recently announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.



#15 According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.



#16 As the economy has slowed down, so has the number of marriages.  According to a Pew Research Center analysis, only 51 percent of all Americans that are at least 18 years old are currently married.  Back in 1960, 72 percent of all U.S. adults were married.



#17 The U.S. Postal Service has lost more than 5 billion dollars over the past year.



#18 In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked.



#19 Nevada has had the highest foreclosure rate in the nation for 59 months in a row.  (Ed--W00T! We're #1!)



#20 If you can believe it, the median price of a home in Detroit is now just $6000.



#21 According to the U.S. Census Bureau, 18 percent of all homes in the state of Florida are sitting vacant.  That figure is 63 percent larger than it was just ten years ago.



#22 New home construction in the United States is on pace to set a brand new all-time record low in 2011.



#23 As I have written about previously, 19 percent of all American men between the ages of 25 and 34 are now living with their parents.



#24 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.



#25 According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980.  Today they account for approximately 16.3%.



#26 One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.



#27 If you can believe it, one out of every seven Americans has at least 10 credit cards.



#28 The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.



#29 It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars.



#30 The retirement crisis in the United States just continues to get worse.  According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.



#31 Today, one out of every six elderly Americans lives below the federal poverty line.



#32 According to a study that was just released, CEO pay at America's biggest companies rose by 36.5% in just one recent 12 month period.



#33 Today, the "too big to fail" banks are larger than ever.  The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.



#34 The six heirs of Wal-Mart founder Sam Walton have a net worth that is roughly equal to the bottom 30 percent of all Americans combined.



#35 According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.



#36 If you can believe it, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.



#37 A higher percentage of Americans is living in extreme poverty (6.7%) than has ever been measured before.



#38 Child homelessness in the United States is now 33 percent higher than it was back in 2007.



#39 Since 2007, the number of children living in poverty in the state of California has increased by 30 percent.



#40 Sadly, child poverty is absolutely exploding all over America.  According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in poverty, 40.1% of all children that live in Atlanta are living in poverty, 52.6% of all children that live in Cleveland are living in poverty and 53.6% of all children that live in Detroit are living in poverty.



#41 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.



#42 In 1980, government transfer payments accounted for just 11.7% of all income.  Today, government transfer payments account for more than 18 percent of all income.



#43 A staggering 48.5% of all Americans live in a household that receives some form of government benefits.  Back in 1983, that number was below 30 percent.



#44 Right now, spending by the federal government accounts for about 24 percent of GDP.  Back in 2001, it accounted for just 18 percent.



#45 For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars.  That was the third year in a row that our budget deficit has topped one trillion dollars.



#46 If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.



#47 Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars.  When Barack Obama first took office the national debt was just 10.6 trillion dollars.



#48 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.



#49 The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.



#50 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.

[Sheilbh]

Here's your doom for the day.

On the upside it looks like the US is starting to recover.  The American consumer's spending and will now drag us all out of this morass.  Right?

[The Minsky Moment]

$40k a year over ten years with 8% interest is perfectly affordable by a guy making $195k take-home.  
. . .
Shit, he could buy one of those $22,000 gold puddings and still have enough left over for rent in a really decent place--even in NYC.

$3500 a month in NYC buys you about 800 square feet in Manhattan below 96th and maybe 1100-1300 or so in Brooklyn or the more marginal Manhattan neighborhoods.  Which is OK if Yachtman is single, but pretty untenable if he has a family.

What you are also failing to take account of is that Yachtman also has to pay state income tax (and in NYC additional city income tax) plus property taxes if he owns rather than rents.  If Yachtman is a banker large portions of his pay may be deferred or subject to vesting or clawback.  If he is a lawyer, he probably has to pay all of his health insurance, etc costs out of pocket without subsidy, and may be subject to mandatory captial contributions.  There are all sorts of costs you may not be aware of which bring down the "take home" before it can spent on gold pudding and diamond strollers.

[Richard Hakluyt]

Contrariwise a lot of people on quite modest means own yachts, provided they are are obsessed. They buy old boats and do them up, have them berthed in unfashionable places, you can charter them out as well.

[Ideologue]

#35 According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.

Lost Generation, indeed.

As for the list entire, I hate to say I told you all so.  I'm a regular cassandra.

$3500 a month in NYC buys you about 800 square feet in Manhattan below 96th and maybe 1100-1300 or so in Brooklyn or the more marginal Manhattan neighborhoods.  Which is OK if Yachtman is single, but pretty untenable if he has a family.

What you are also failing to take account of is that Yachtman also has to pay state income tax (and in NYC additional city income tax) plus property taxes if he owns rather than rents.  If Yachtman is a banker large portions of his pay may be deferred or subject to vesting or clawback.  If he is a lawyer, he probably has to pay all of his health insurance, etc costs out of pocket without subsidy, and may be subject to mandatory captial contributions.  There are all sorts of costs you may not be aware of which bring down the "take home" before it can spent on gold pudding and diamond strollers.

Yeah, I was assuming Yachtman is single.  If not, I'd have had to take into account wifey's income, complicating the example without elucidating the point.

And I was sliding over sales and property taxes, as I hate them.  But they probably are significant costs.

The renting angle is a good one though.  Why shouldn't Yachtman just rent?

And anyway I was counting 800-1000 sq. ft. as really decent, given the area.

[Malthus]

Expenses growing to match available funds *can* be avoided. Look at Mono, for example. He prioritizes early retirement, so he saves the money. The same can happen if someone really wants a boat, or a nice car, or expensive vacations, etc.

Well, yeah, if you are really obsessed you could own a yacht on that salary, or even less for that matter.

Hence the jokes about living on your boat, etc.

But this is of course not what is usually meant by "that guy is so rich, he can afford to own a yacht". You sorta picture a guy living the good life with the yacht as evidence of his massive disposable income, not some schlub living a Mono-like existence huddled in a boat moored off of a malarial floodplain (because that's where he can afford the mooring fees), wondering when he'll be able to afford another month's supply of ramen noodles and sterno cans.