Millions of Americans to Fall off an 'Income Cliff'

Discussion in 'Latest US & World News' started by Horhey, Jun 27, 2020.

  1. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

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    When spending outpaces earning, the cliff is coming. The US government is heading for a cliff and covid help speed it up.
     
  2. modernpaladin

    modernpaladin Well-Known Member Past Donor

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    I worry about botulism. I've been considering getting a freeze drier... but lordy they're expensive!
     
  3. 61falcon

    61falcon Well-Known Member

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    Makes it all the more baffling why the stock market, which used to go up based on corporate PROFITS, keeps going up now when the prospect of profits seem very far in the future, if at all ??
     
  4. wgabrie

    wgabrie Well-Known Member Donor

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    I don't know about everyone, but I put some money, that I got from my stimulus check, in a mutual fund that follows the S&P. I earned $20 dollars! But then I sold it because I had to pay a bill. :p
     
  5. Heartburn

    Heartburn Well-Known Member

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    Not the poor ones.
     
  6. Woolley

    Woolley Well-Known Member

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  7. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    That has been going on for a long while.

    I agree with you. But let's also recognise this has bee a long ongoing process, over many years and decades.
     
  8. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    I would guess it's still not where it was prior to the crash, and the effect of inflation helps disguise that and inflate the numbers.

    Also, unemployment can ironically increase profits, because it puts a downward pressure on wages.

    With rich people staying home and spending less, they also have more money to pump into the market, which could be another small factor.
     
    Last edited: Jul 2, 2020
  9. Diablo

    Diablo Well-Known Member

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    There was a report in the Guardian today that millions of Americans are losing access to running water because they can't pay the bills. Anyone know if that's true?
     
  10. roorooroo

    roorooroo Well-Known Member Past Donor

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    Perhaps there is a disconnect between "smart" and "financially smart"?
     
  11. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

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    True.
     
  12. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    They probably could afford water if they cancelled their cellphones and took public transportation.

    But some people have different priorities these days when it comes to what they consider necessities.

    Also many apartments won't let you cancel your electric service (it's in the contract), but will let you cancel water service. They are afraid someone will use a candle and a fire might start that could do damage to the building.
    If it were up to me, I'd cancel the electric service before going without running water. But that's not a choice for many people.


    Anyway, things in America certainly are not worse than they are in Eastern Europe.
     
    Last edited: Jul 2, 2020
  13. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Is it annoying you... well that's too bad, because you're going to hear a lot more about Communism and not just from me. Why don't you save yourself some trouble and get with the program.

    far more complex :lol: is his name not worthy of crossing my lips :lol: marx (note the lower case).,,,marxie... moxie... blowing raspberries at this stage from sh!ts given about what you think of what I were taught
     
    Last edited: Jul 2, 2020
  14. Heartburn

    Heartburn Well-Known Member

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    Some have more to work with than others. the starting point is important.
     
  15. roorooroo

    roorooroo Well-Known Member Past Donor

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    Of course, but I would bet there are millions who started with very little who are now financially secure. Financial smarts can take a poor person far.
     
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  16. One Mind

    One Mind Well-Known Member Past Donor

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    Can't get out of student loan debt by filing bankruptcy unless it just changed.
     
  17. One Mind

    One Mind Well-Known Member Past Donor

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    Yes but that law was created in the 80s. To get rid of FDR' s reasonable profit. This justified moving manufacturing off shore to sweat shops to max profit. Capitalism became amoral and no longer responsible to anything but max profits.

    It also destroyed unions that the GOP hated. Nefarious bastards disembowelled Americans. With help from the Clinton DP.
     
  18. One Mind

    One Mind Well-Known Member Past Donor

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    And millions that were once middle class are now working poor.
     
  19. One Mind

    One Mind Well-Known Member Past Donor

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    If your Mason jar lid isn't sucked inward throw it away and don't eat it. The way you would a store bought can.

    I grew up on home canned food..Never knew of anyone dying from home canning.. They knew not to eat it if lid wasn't concave..
     
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  20. modernpaladin

    modernpaladin Well-Known Member Past Donor

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    Is that for sure tho? I thought even containers that kept their seal could grow enough to kill you.
     
  21. One Mind

    One Mind Well-Known Member Past Donor

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    Don't think so. The growth of microbes in a can or jar creates a waste gas that expands the lid. Even botulism.

    Never reuse lids...never. Always use new lids and rings. And use proper procedures.
     
    Last edited: Jul 2, 2020
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  22. roorooroo

    roorooroo Well-Known Member Past Donor

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    Perhaps that has something to do with "financial smarts" or rather "lack thereof"...
     
  23. crank

    crank Well-Known Member

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  24. crank

    crank Well-Known Member

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    Depends. Did they keep trying to live like they were middle class, even though they could no longer afford it? Were they never truly able to afford a middle class life?

    Because ... if they'd lived like they were poor, if they were actually middle class, they'd still be middle class (or better).
     
    Last edited: Jul 2, 2020
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  25. crank

    crank Well-Known Member

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    The starting point has very little bearing, actually.

    The MOST important factor is self-discipline.
     

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