Today, I offer thirteen facts which, when taken together, paint an interesting picture of the state of the American family's finances. Given the rise in foreclosures in the area where I live and the skyrocketing cost of living including housing, health care, and transportation, it's a wonder families can make ends meet at all.
- Fifty percent (50%) of the world lives on $2 a day.
- The average American household has a credit card debt of $9,300.
- One in three households reports using credit cards for basic living expenses (rent, mortgage, groceries, utilities).
- The personal savings rate in 2006 as a percentage of personal income was the lowest in over 70 years: negative one percent (-1%).
- Up to 56 million American adults do not have a bank account and therefore are without access to mainstream financial services.
- Approximately 46% of African-American households are unbanked.
- Approximately one in three Latino households are unbanked.
- Those "check cashing" places prey on the unbanked, often taking 50% of the check's value in fees.
- In 2005, two million Americans filed for bankruptcy.
- Of those two million who filed for bankruptcy in 2005, half were caused by medical care debt.
- Over 38 million Americans earn less than the federal "poverty level."
- Of those 38 million, half are employed. (Ever heard the term, "working poor"?)
- Each year, more than $30 billion in public benefits goes unclaimed or unused, often because of confusion over eligibility or a difficult application process. This is money already allocated and budgeted by federal and state governments but which people don't know they can take advantage of.
And then I offer this last little jab at the current administration in these two "fun facts": Number of American soldiers killed in Iraq since September 11, 2001: 3,533. Number of Osama bin Ladens captured or killed since September 11, 2001: zero. Are we winning yet?
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4 comments:
I think I just read that American's have the highest per capita income in the world. Which, with gas prices, may neither be here, nor there.
I think I just read that American's have the highest per capita income in the world. Which, with gas prices, may neither be here, nor there.
I believe it, but per capita numbers would include Bill Gates, Barry Bonds, etc.
And with gas prices, there's a "here" and a "there" but probably not too much a "here and there."
(Thanks for visiting!)
Scary statistics. The average person really does struggle to keep their head above water.
Maybe PJD can clarify this, but I thought that even though we have a high per capita income, the numbers show 1) growing #s of below poverty line (working and non working poor); 2) shrinking middle class; 3) shrinking homeowners; and 4) growing per capita debt load.
The list of posted facts is sad and scary.
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