On The Edge Of Disaster: 59 Percent Of Americans Are Living Paycheck To Paycheck
On The Edge Of Disaster: 59 Percent Of Americans Are Living Paycheck To Paycheck by Michael Snyder for End of the American Dream
Living on the edge, being dragged down by debt, and having little hope for the future is no way to live. But that is precisely where most Americans find themselves in 2019. Despite a supposedly “booming economy”, the middle class continues to shrink and most of the country is barely scraping by from month to month. In fact, a brand new survey that was just released by Charles Schwab discovered that 59 percent of all Americans are currently living paycheck to paycheck…
Overall, 59 percent of Americans live paycheck to paycheck, according to the survey of 1,000 U.S. adults by Charles Schwab.
However, the Millennial generation (people ages 23-38) was the most likely to struggle in between payday, at 62 percent, followed by Generation X (60 percent), Generation Z (55 percent) and Baby Boomers (53 percent).
I realize that those numbers look really high, but this is really where we are at as a society.
In fact, a study that was just conducted by researchers at the University of Chicago found that 51 percent of all “working adults” would not be able to cover basic necessities “if they missed more than one paycheck”…
Missing more than one paycheck is a one-way ticket to financial hardship for nearly half of the country’s workforce.
A new study from NORC at the University of Chicago, an independent social research institution, found that 51% of working adults in the United States would need to access savings to cover necessities if they missed more than one paycheck.
So when the next recession strikes, millions of Americans that suddenly lose their jobs could find themselves facing financial disaster almost immediately.
The survey that was just released by Charles Schwab found that there are a lot of reasons why Americans are living paycheck to paycheck, and “rising college debt” is one of them…
‘Spending is certainly one factor,’ said Terri Kallsen, executive vice president for Schwab Investor Services.
‘But especially for younger Americans, we know there are factors beyond their control that make it difficult to save, including rising college debt, stagnant wages and the high cost of living, particularly in urban centers,’ she told DailyMail.com.
Today, Americans owe more than 1.5 trillion dollars on their student loans, and it is a bubble that keeps getting worse with each passing year. The following numbers about our growing student loan debt crisis come from CBS News…
Currently, 43 million Americans have student debt. The average household with student debt owes almost $48,000 and 5.2 million borrowers are in default.
Meanwhile, college costs keep rising. At Ohio State, a public university, in-state students pay $27,000 a year. Stanford University costs $74,000.
Personally, I don’t know why anyone would ever pay $74,000 a year to go to Stanford.
And as far as Ohio State and other public universities are concerned, the truth is that you can get a better education from the Internet without too much effort. I spent eight years studying at public universities, and the quality of education is a joke.
But we fill the heads of our high school students with all of this nonsense about how college “is the key to a bright future”, and we encourage them to not even worry about how much it will cost.
So they pile up enormous loans, and many of them don’t even realize that they are destroying their financial futures until it is too late.