Thursday, September 14, 2017
The Middle Class Is Being Destroyed: Now Only 25 Percent Of All Americans Have $10,000 Or More In Savings
We just got more evidence that the middle class is being systematically eviscerated. According to a GOBankingRates survey that was just released, more than half the country has less than $1,000 in savings. So in the event of a major economic disaster of some kind, over 50 percent of the nation is going to be completely out of cash almost immediately. For years I have been writing about the steady decline of the middle class in the United States, but I still get astounded by numbers such as these. According to this new survey, only 25 percent of all Americans have $10,000 or more in savings at this point…
$0 saved: 39 percent
Less than $1,000 saved: 18 percent
$1,000 to $4,999 saved: 12 percent
$5,000 to $9,999 saved: 6 percent
$10,000 or more saved: 25 percent
Other surveys have come up with similar results. One discovered that about two-thirds of the country is living paycheck to paycheck, and another which was conducted by the Federal Reserve found that 44 percent of all U.S. adults do not even have enough money “to cover an unexpected $400 expense”.
Most of us have grown accustomed to barely scraping by from month to month. But that is not what being “middle class” is supposed to be about. If you are in the “middle class” you should be making more than you are spending and building long-term wealth.
But just like our federal government, most of us are spending money like there is no tomorrow. If we don’t have quite enough money for what we want to do, we just borrow more. Right now, U.S. consumers are more than 12 trillion dollars in debt, and it is impossible to build any real wealth when you are constantly drowning in red ink.
We are willingly enslaving ourselves, but most people were never even taught about the dangers of going into too much debt.
Another major factor in the decline of the middle class is the fact that we have been shipping millions of good paying jobs overseas. We have lost more than 70,000 manufacturing facilities since China joined the WTO, and we have been replacing good paying manufacturing jobs with low paying service jobs.
Without enough good paying jobs, our middle class has been steadily shrinking. In 2015, the middle class became a minority of the population in the United States for the first time ever recorded.
If you go back to the early 1970s, the middle class was well over 60 percent of the population, but now that number is hovering in the high 40s.
And things continue to get even worse. For example, NBC News recently reported that the number of Americans that can’t afford to be living in their own homes has more than doubled since 2001…
Over 38 million American households can’t afford their housing, an increase of 146 percent in the past 16 years, according to a recent Harvard housing report.Under federal guidelines, households that spend more than 30 percent of their income on housing costs are considered “cost burdened” and will have difficulty affording basic necessities like food, clothing, transportation and medical care.But the number of Americans struggling with their housing costs has risen from almost 16 million in 2001 to 38 million in 2015, according to the Census data crunched in the report. That’s more than double.
If we want to turn things around for the middle class, we need more entrepreneurs and more small businesses.
Small businesses have traditionally been the primary engine for job growth in this country. But instead of encouraging small businesses to start and grow, the federal government has been absolutely killing small businesses with red tape and high taxes.
If I win my election, I am going to do all that I can to fight for entrepreneurs and small businesses. Today, the percentage of Americans that work for themselves is close to a record low, and we desperately need to get that turned around.
So I I go to Congress, one of the first things I plan to do is to push for the elimination of the “self-employment tax”.
If you are an entrepreneur, then you already know how painful that particular tax can be.
We have got to get this economy growing again. Barack Obama was the only president in our entire history never to have a single year when the U.S. economy grew by at least 3 percent, and overall we have not had a year when our economy grew by at least 3 percent in over a decade.
And as I noted earlier this week, “our economy has still only grown at an average rate of just 1.33 percent a year over the last 10 years.”
Is that acceptable to you?
I hope not, because it sure is not acceptable to me.
What we have been doing is simply not working. In fact, if we were not propping up the economy with the greatest debt binge in human history, we would be a in a rip-roaring economic depression right now.
If we want America to once again become the greatest economic machine on the planet, we need to do the things that made us great in the first place. We need an extremely limited federal government that stays out of the way of business, and we need to once again embrace the principles of free market capitalism.
Free markets work tremendously well if you allow them to do so.
But if we continue to march down the road toward big government socialism, we will get what we deserve, and it won’t be pretty.
Credit to Economic Collapse
In an era where some people flock to get some lovin' from artificial intelligence, one man is waving his index finger in the air, warning bot lovers to beware of their special nighttime partner.
According to Nick Patterson, the man now behind some people's nightmares, mischievous hackers could invade your sex robot's programming and order it to kill you.
"Hackers can hack into a robot or robotic device and have full control of the connections, arms, legs and other attached tools like in some cases knives or welding devices," Patterson told The Daily Star. "The last thing you want is for a hacker to have control over one of these robots."
"Once hacked they could absolutely be used to perform physical actions for an advantageous scenario or to cause damage," the cybersecurity expert from Australia's Deakin University warned.
While the scenario could be far-fetched for some, Patterson isn't the only one concerned about robots. Though tech billionaire Elon Musk didn't give a direct shout out to sex bots, he did suggest that artificial intelligence could actually take over the planet one day.
In a letter to the United Nations, Musk called for a ban on killer robots, stating, "lethal autonomous weapons threaten to become the third revolution in warfare [that] will permit armed conflict to be fought at a scale greater than ever — and at a time [that] scales faster than humans can comprehend."
However, before people go tossing their friends into the bin and fear robots altogether, Patterson later added that as long as sex robots are not connected to an interface, they won't be too dangerous.
"Robots need an operating system to an operate just like our phones, tablets and laptops," Patterson said. "As we have seen, it's popular to have everything connected to the internet these days-- phones, fridges, surveillance cameras, smart homes… robots are no different."
Credit to Sputnik
Today, a 15-year-old asylum seeker suspected of a murder at Friskis & Svettis in Ängelholm this weekend should have been arrested. But there will be no detention because no interpreter can be found, reports Sydsvenskan.
Two district court employees have spent the entire day seeking for an interpreter, but we have simply not managed to find an interpreter, said Martin Persson, counselor at Helsingborg’s District Court, to Sydsvenskan.
Martin Persson points out that he has never experienced anything similar before.
Tomorrow night, the deadline for holding the asylum-seeking boy expires, and he has to be released if he is not detained. If an interpreter is not found in time.
According to police and prosecutors, there is strong evidence against the suspect, including several witnesses.
It was at six o’clock on Saturday evening that the police were alerted about a stabbing with a knife at the gym Friskis & Svettis in Ängelholm, Skåne. On the scene, a 17-year-old boy with stabbing wounds was found. He later died.
– There are two asylum seekers who, for unknown reasons, started to fight. Some kind of weapon is used. One of them is so seriously injured that he dies, police chief Karim Ottosson previously said to HD.
Even the boy’s lawyer is shocked.
– I do not know what to say about it, I’ve never experienced this before. It is only to accept and hope that the district court will find an interpreter, says Olof Wettermark, to Sydsvenskan.
Only in Sweden.