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(NPR)   44% of Americans could not cover basic costs for three months if they lose their job   (npr.org) divider line 431
    More: Scary, safety nets, Americans, Earned Income Tax Credit, incentives  
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6500 clicks; posted to Main » on 30 Jan 2013 at 11:16 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-30 08:34:44 AM
You mean after the first 99 weeks, right?
 
2013-01-30 08:36:21 AM
S'ok.  I've got a gun.
 
2013-01-30 08:40:09 AM
"Nearly 44 percent of Americans don't have enough savings or other liquid assets to stay out of poverty for more than three months if they lose their income, according to Wednesday's report by the Corporation for Enterprise Development. Almost a third have no savings accounts at all."

That is terrifying.
 
2013-01-30 08:52:31 AM
I could get by 3 months, but not much longer.  Unless I cashed out my 401(k), that could probably take me at least a year.  That's not including unemployment, that would be after the unemployment ran out, I could easily live on unemployment as long as I could get it.
 
2013-01-30 08:55:30 AM
I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck, and lots of people do it.
 
2013-01-30 09:02:28 AM

nekom: I could get by 3 months, but not much longer.  Unless I cashed out my 401(k), that could probably take me at least a year.  That's not including unemployment, that would be after the unemployment ran out, I could easily live on unemployment as long as I could get it.


You must live in a state where workers pay in to unemployment. I know a lot of people who don't and collect something like $270/week. One of my friends in VA had to move back in with her elderly parents and sell her condo. She's an MD who was about to take her boards and between the school loans and the condo payments (which her parents were trying to cover,) she just couldn't make it.

My mother did okay when the publishing company she had worked for got sold and she got laid off, but she lives in Massachusetts and even there she had to dip into her 401k. Her COBRA costs were insane. As are her meds. She rents though and her car is owned free and clear and she has no debt.

I'm not sure how long we could last. Longer than 3 months but it would be very scary.
 
2013-01-30 09:04:45 AM

kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck

being stupid, and lots of people do it.

FTFY
 
2013-01-30 09:07:32 AM

DrPainMD: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck being stupid, and lots of people do it.

FTFY


Yes, that's obviously it. For all of poor people, all the time. They're stupid.
 
2013-01-30 09:07:57 AM

kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck, and lots of people do it.


I guess I knew the number of people in such awful straits was high (we basically live paycheck to paycheck, but we do manage to save for anticipated expenses and could probably do better if it weren't for debt) but 44% is awfully close to half and that's no way to run a country.
 
2013-01-30 09:08:03 AM

DrPainMD: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck being stupid, and lots of people do it.

FTFY


Yes, they're stupid because the glorious wealth has not trickled down.
 
2013-01-30 09:08:59 AM

ginandbacon:
You must live in a state where workers pay in to unemployment.


I do, and I was under the impression that they all did. Guess not. In Pennsylvania at least, we pay into unemployment and what you get is a percentage of what you had been making before. I don't recall the exact percentage, but it's not bad. It would mean less dining out and frivolous purchases for me, but I could live comfortably on unemployment here. Low property taxes and having no mortgage or rent are quite helpful as well. If I lived in an apartment in the city, I'd be in far worse position to weather that storm.
 
2013-01-30 09:09:51 AM

kid_icarus: I can't believe anyone would find that number surprising.


Me neither. I'm actually surprised it isn't higher.
 
2013-01-30 09:11:31 AM

nekom: ginandbacon:
You must live in a state where workers pay in to unemployment.

I do, and I was under the impression that they all did. Guess not. In Pennsylvania at least, we pay into unemployment and what you get is a percentage of what you had been making before. I don't recall the exact percentage, but it's not bad. It would mean less dining out and frivolous purchases for me, but I could live comfortably on unemployment here. Low property taxes and having no mortgage or rent are quite helpful as well. If I lived in an apartment in the city, I'd be in far worse position to weather that storm.


Yeah, coming from MA, I thought so too until I moved to DC and learned that a lot of states don't have employee contributions so the payout is abysmal. I was shocked.
 
2013-01-30 09:12:33 AM

ginandbacon: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck, and lots of people do it.

I guess I knew the number of people in such awful straits was high (we basically live paycheck to paycheck, but we do manage to save for anticipated expenses and could probably do better if it weren't for debt) but 44% is awfully close to half and that's no way to run a country.


I totally agree, the number shouldn't be that high. But it doesn't surprise me. I'm thankful to be in a secure position with my job, but layoffs in my part of the country has been rampant the past several years and it's devastated a lot of people. I know many people who have faced long-term unemployment and eventually reentering the workforce doing a job that pays a fraction of what they used to make. If the you're barely making enough money to cover basic living expenses you're obviously not going to be able to save much. And on top of that, you're stupid.
 
2013-01-30 09:21:10 AM
If you can't cover expenses for 3 months.... what happens hen you hit retirement age and have to cover it forever....?
 
2013-01-30 09:26:14 AM

DrPainMD: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck being stupid, and lots of people do it.

FTFY


Yeah, it's easy for you to sneer at poor folks: You're a doctor.
 
2013-01-30 09:28:44 AM

DON.MAC: If you can't cover expenses for 3 months.... what happens hen you hit retirement age and have to cover it forever....?


You get your pension or your social security?

But it's true that a lot of folks won't have the money to retire.
 
2013-01-30 09:33:15 AM

kid_icarus: ginandbacon: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck, and lots of people do it.

I guess I knew the number of people in such awful straits was high (we basically live paycheck to paycheck, but we do manage to save for anticipated expenses and could probably do better if it weren't for debt) but 44% is awfully close to half and that's no way to run a country.

I totally agree, the number shouldn't be that high. But it doesn't surprise me. I'm thankful to be in a secure position with my job, but layoffs in my part of the country has been rampant the past several years and it's devastated a lot of people. I know many people who have faced long-term unemployment and eventually reentering the workforce doing a job that pays a fraction of what they used to make. If the you're barely making enough money to cover basic living expenses you're obviously not going to be able to save much. And on top of that, you're stupid.


Now I'm depressed and we're out of gin.
 
2013-01-30 09:56:24 AM

ginandbacon: kid_icarus: ginandbacon: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck, and lots of people do it.

I guess I knew the number of people in such awful straits was high (we basically live paycheck to paycheck, but we do manage to save for anticipated expenses and could probably do better if it weren't for debt) but 44% is awfully close to half and that's no way to run a country.

I totally agree, the number shouldn't be that high. But it doesn't surprise me. I'm thankful to be in a secure position with my job, but layoffs in my part of the country has been rampant the past several years and it's devastated a lot of people. I know many people who have faced long-term unemployment and eventually reentering the workforce doing a job that pays a fraction of what they used to make. If the you're barely making enough money to cover basic living expenses you're obviously not going to be able to save much. And on top of that, you're stupid.

Now I'm depressed and we're out of gin.


I ran out of gin last night. Somehow didn't realize I was out of Bombay and Hendrick's at the same time. It's no way to live.
 
2013-01-30 10:02:54 AM

God Is My Co-Pirate: I ran out of gin last night. Somehow didn't realize I was out of Bombay and Hendrick's at the same time. It's no way to live.


I think Baby's bringing home a bucket for me tonight. It's payday ;)
 
2013-01-30 10:19:31 AM
Fools. You don't need to save. Just use a credit card.
 
2013-01-30 10:32:23 AM

God Is My Co-Pirate: I ran out of gin last night. Somehow didn't realize I was out of Bombay and Hendrick's at the same time. It's no way to live.


Running out of booze? It's like I don't even understand what kind of species you are....

How the hell does that happen?!


Krieghund: You get your pension or your social security?


Good luck with that social security thing. Here is a link to Social Security's own website:Link. First page second column second paragraph. Just an FYI when my mother was about to pass away and we were trying to get her on disability the estimate was 2045 for the .75 deal and being total out of funds in 2048. That was in 2007.
 
2013-01-30 10:33:53 AM

DON.MAC: If you can't cover expenses for 3 months.... what happens hen you hit retirement age and have to cover it forever....?


They get farked. It's called poverty.
 
2013-01-30 10:36:43 AM
I'm surprised its not higher than 44%
 
2013-01-30 10:45:26 AM

The Stealth Hippopotamus: God Is My Co-Pirate: I ran out of gin last night. Somehow didn't realize I was out of Bombay and Hendrick's at the same time. It's no way to live.

Running out of booze? It's like I don't even understand what kind of species you are....

How the hell does that happen?!


I know, I know, somebody's getting the lash for that mistake. Not out of booze, though, just gin. I had to switch to Dark and Stormys.
 
2013-01-30 10:45:54 AM
Or, one month. Ok, too depressing, I'm outta here.
 
2013-01-30 10:49:45 AM
 
2013-01-30 10:50:31 AM
Damn forgot to close out that tag, html fail.
 
2013-01-30 11:05:25 AM
Oh look, it's this thread again.
 
2013-01-30 11:06:21 AM

God Is My Co-Pirate: I know, I know, somebody's getting the lash for that mistake. Not out of booze, though, just gin. I had to switch to Dark and Stormys.


Everyone jokes I'm a booze Doomsday Prepper. I always tell them that one day the liquor store wont be open and then they'll be sorry!

Then it happens!! And I always have to see them though another Sunday. But then on Monday they start mocking me again!

/Oklahoma blue laws.
 
2013-01-30 11:17:40 AM
I could last longer than that...once I faked my own death.

I do sock away money into savings for just such an eventuality and could probably go 6 months if I drastically cut my expenses (goodbye alcohol), but I don't have a family or spouse to support so my situation isn't exactly representative of the majority.
 
2013-01-30 11:18:52 AM
Currently have a six month supply of food on hand and working on twelve, challenge accepted.
 
2013-01-30 11:18:55 AM
Yeah I think those numbers are backwards.
 
2013-01-30 11:19:07 AM
I can, and I have, but it takes you twice as long to pull yourself back up once you get a regular paycheck, again.
 
2013-01-30 11:19:59 AM
I couldn't get by for three weeks if that happened.

Truth told, I just plan to kill myself if I lose my job.
 
2013-01-30 11:20:05 AM

DrPainMD: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck being stupid, and lots of people do it.

FTFY


3/10
 
2013-01-30 11:20:32 AM

DrPainMD: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck being stupid, and lots of people do it.

FTFY


Yes, they're all stupid and none of them works for a rotten employer who pays as little as possible and offers few, if any, benefits like health insurance, 401(k), etc.

In case you haven't heard, wages are flat (when adjusted for inflation) and have been for more than a decade. Yet the cost of living has gone up. People who could have gotten by just fine in the mid-90's are struggling today, for example.
 
2013-01-30 11:20:36 AM

miss diminutive: I do sock away money into savings for just such an eventuality and could probably go 6 months if I drastically cut my expenses (goodbye alcohol)


You could just make your own.
 
2013-01-30 11:20:52 AM
It is because I am covering 44% of other peoples costs.
 
2013-01-30 11:21:36 AM
Economize. Eat less, you'll also lose weight, which can be good. Cut down on beer and coffee, which can be expensive. If you're a smoker, cut down or quit, if you can. Cut out as many luxuries as you can think of, you'll enjoy them all the more once you are back on your feet again.
 
2013-01-30 11:22:07 AM
It's almost as if all productivity gains since 1974 have gone to the filthy rich and wages have remained stagnant. Oh wait -
thecurrentmoment.files.wordpress.com
 
2013-01-30 11:22:08 AM

ginandbacon: "Nearly 44 percent of Americans don't have enough savings or other liquid assets to stay out of poverty for more than three months if they lose their income, according to Wednesday's report by the Corporation for Enterprise Development. Almost a third have no savings accounts at all."

That is terrifying.


I'm one. Haven't been able to save for rising costs of living and unexpected expenses (new home A/C, new roof, car repairs)
 
2013-01-30 11:22:22 AM
Yeah.
This is surprising in a country where the average after-tax income is $27,845?
America, you're not number one, you're third rate.
 
2013-01-30 11:22:23 AM
Id be able to do ok provided wifey and i moved in with her mom and i told my creditors to fark themselves.
 
2013-01-30 11:22:40 AM
Welcome to 20 years ago.
 
2013-01-30 11:22:54 AM

ThatGuyGreg: Oh look, it's this thread again.


You can post that in every thread.
 
2013-01-30 11:23:19 AM
Too many individuals making too much money shuffling paper around.and paying for politicians.
And we actually pay politicians (who are mostly insanely wealthy anyway) to do their "work".

We are circling the drain, folks,
 
2013-01-30 11:23:22 AM

Evil Mackerel: DrPainMD: kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck being stupid, and lots of people do it.

FTFY

3/10


Some people who do that are legitimately poor.

But doesn't everybody know somebody living paycheck-to-paycheck who is in that situation because they're stupid?
 
2013-01-30 11:24:20 AM
But remember:

If you have a fridge, you're rich! According to FOX News Channel, that is.
 
2013-01-30 11:24:31 AM

kid_icarus: I can't believe anyone would find that number surprising. It's called living paycheck-to-paycheck, and lots of people do it.


Pretty much this.
 
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