Posted by mybudget360 in Employment, baby boomers, banks, budget, debt, economy, frugal, government, income, investing, recession, retirment planning, savings, wealth preservation
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..The recent recession is exposing how many American families have been treading on the edge. Problems were already in the system before the recession began but the downturn in the economy was the ultimate catalyst. Many families were using credit cards as a means of supplementing a decade of stagnant wages. The median household income for the entire country is $50,740. In addition we have 34,000,000 Americans now receiving some form of food stamps. They are not part of the middle class group. Yet when we dig deeper into the data, it is clear why so many Americans are going broke on $50,000 a year
Norton's comment: And now you know why it is a struggle! And it is going to get worse so start preparing.
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