Americans say strong economy only helping the rich

[Blimey]

Americans say strong economy only helping the rich

A poll by Pew Research Center found that 69% of Americans say the economy is helping the wealthy, while hurting the poor, those without college degrees and the middle class.

www.cnbc.com

The class war is working. Although unemployment is the lowest most workers ever have or will see, and wages are growing, they don't care. You give a guy a piece of pie and somebody else three all he can focus is on the fact he was shortchanged two pieces.

 

[BDinPutnam]

@Blimey what is your take on the stat they mention about lower income Republicans having a much dimmer view of the economy than wealthy Republicans?

 

[E the massive]

@Blimey what is your take on the stat they mention about lower income Republicans having a much dimmer view of the economy than wealthy Republicans?

oooh ohhhh I know. Cause it still sucks being a wage slave on a tax farm.

 

[Kirk_STNY]

I have modest retirement accounts. I can't believe the earnings! My investment guy set it up bigly.

 

[BuffNiag]

Said by people who would rather buy the latest iPhone than contribute to an IRA or employer sponsored retirement plan. It’s all about priorities.

 

[fresch]

BS article,
Who other than the wealthy and retiree are taking money out of the stockmarket/ retirement accounts? Few to none.
"Rich" is a term that means nothing, sure people making min. wage think anyone making $60k is "Rich", who in turn think people making $120k are "Rich" who in turn think ...
Have some fiscal responsibility, put away for retirement; what you need to live, food, clothes, shelter, not 70" tv, cell phone, bling, tats, etc., only you are in control of your out come.

 

[vanderblack]

People smart enough to and able to invest are seeing huge gains. Most people are making more and paying less. However, the poor, while maybe making more, still do not feel they make enough. Their answers tend to be negative. As long as there are those that make more and those that make less, people will, as Fresch stated above, "Rich" is a term.... people making X will think its the people making X x 2 as rich. Or at least better off.

Who doesn't think at some point, 'if I were making XX, my life would be better.' We are a society of want. I want to eat better food, I want a car, I want a better car, if the house were just a little larger, if the tv were just a little bigger, if I could only help pay more for my kids education, if I made enough to put some away, or more away for retirement. I want a new gun (ok, well, that one is a matter of need, not want.), etc. Nothing will change this. Fewer and fewer each year stop to think, I am lucky for what I have. Face it, we mostly live to our means. If we made more, we would spend more to make some aspect of our life better. And again, we would be living to our means.

President Kennedy's father told his children; If you save 10% of every dollar you make and invest it, you will retire rich. Granted, there is an income level at which this fails but for the average person, it works. And, regardless, it leaves you with much more later in life than if you didn't save. I have taught that to my daughters and they have listened so far.

 

[Saltwater60]

Honestly I’m struggling a bit more now than I ever have.
part is my own doing. I took a new job with a pay cut for a better life but most of it is the demonrats fault.
higher taxes in the state, city, and county have really cut into my budget. My wife has only received one raise in 5-6 years. The increase in minimum wage has cut into my budget as well. I’ll make up the pay cut soon but it can’t come soon enough honestly.

 

[E the massive]

Any minor increase the middle or lower income person receives will be nickel and dimed away at the gas pump, mechanic shop, grocery store, utility company or insurance company. Don't forget about surcharges and taxes. Actual quality of life will not increase.

 

[Bananabandit]

Said by people who would rather buy the latest iPhone than contribute to an IRA or employer sponsored retirement plan. It’s all about priorities.

Ill have you know...i just increased it by 2%, an additional $50 more a paycheck.

and maybe I wanna buy guns. Dont judge me!

 

[meketrefe]

Americans say strong economy only helping the rich

A poll by Pew Research Center found that 69% of Americans say the economy is helping the wealthy, while hurting the poor, those without college degrees and the middle class.

www.cnbc.com

The class war is working. Although unemployment is the lowest most workers ever have or will see, and wages are growing, they don't care. You give a guy a piece of pie and somebody else three all he can focus is on the fact he was shortchanged two pieces.

Well if politicians did some work maybe something will be done but they are all screwing around with the president all the time.
Maybe time to cut political positions from all places and use those funds to help the small business.

 

[Uzi]

The increased wages don't mean shit when inflation and the cost of living and everything else goes up way more. Most people don't even own their vehicles, spend money like morons daily, More taxation, More stupid loans given out to anyone to keep them in debt. Businesses closing like crazy. It's all fucked beyond any repair and people think living life in constant debt is totally okay. 60% of the US population has less than $400 in savings. If you were to have only $10 and zero debt, you're "richer" than most people in the country too.

 

[BDinPutnam]

Might seem off topic but it isnt- I am very much looking forward to seeing what happens in the elections in the UK tomorrow.

 

[Hillbilly77]

I don't hate the rich.

No poor guy ever gave me a job.

 

[GOPerfect]

I am doing much, much better under these new rules and guidelines.

If Americans are doing worse, it is by their own choices and their own decisions.

 

[Jezman]

BS article,
Who other than the wealthy and retiree are taking money out of the stockmarket/ retirement accounts? Few to none.
"Rich" is a term that means nothing, sure people making min. wage think anyone making $60k is "Rich", who in turn think people making $120k are "Rich" who in turn think ...
Have some fiscal responsibility, put away for retirement; what you need to live, food, clothes, shelter, not 70" tv, cell phone, bling, tats, etc., only you are in control of your out come.

Quoted for truth!

 

[Grimscale]

If you're fiscally responsible early enough in life you can HAVE that 70" TV, cell phone, tats, etc. The trick is to prioritize.
Get your bills paid off and save for retirement early. Then you can enjoy your earnings while still being physically able to enjoy them.

 

[Blimey]

@Blimey what is your take on the stat they mention about lower income Republicans having a much dimmer view of the economy than wealthy Republicans?

I suppose you'd see the same with democrats; the poorer people think the economy is not doing as well with those who have stock portfolios.

The increased wages don't mean shit when inflation and the cost of living and everything else goes up way more. Most people don't even own their vehicles, spend money like morons daily, More taxation, More stupid loans given out to anyone to keep them in debt. Businesses closing like crazy. It's all fucked beyond any repair and people think living life in constant debt is totally okay. 60% of the US population has less than $400 in savings. If you were to have only $10 and zero debt, you're "richer" than most people in the country too.

I seriously think it's within reach for most people to not struggle in the ways they do. We all know of people who make stupid financial decisions.

 

[BuffNiag]

Ill have you know...i just increased it by 2%, an additional $50 more a paycheck.

and maybe I wanna buy guns. Dont judge me!

Well like I said it’s all about priorities. $500 spent on a gun today would be worth about $2,300 in 20 yrs if you invested it in a S&P index fund (assuming 8% annual return). It's all about choices and figuring out what makes you content. For me, that $500 equals about one less month I need to work. I’m all set as far as number of guns I currently own.

I will not however listen to people complain that only the rich are getting richer. Total BS from people who can’t plan past tomorrow. There is plenty of opportunity out there but it means sacrificing pleasure today for a better future.

 

[Blimey]

Well like I said it’s all about priorities. $500 spent on a gun today would be worth about $2,300 in 20 yrs if you invested it in a S&P index fund (assuming 8% annual return). It's all about choices and figuring out what makes you content.

I will not however listen to people complain that only the rich are getting richer. Total BS from people who can’t plan past tomorrow. There is plenty of opportunity out there but it means sacrificing pleasure today for a better future.

As vanderblack mentioned, put aside 10%. To start, maybe pump it up later. Most people spend every penny they have, and as their income increases they keep spending more. They run right at the bleeding edge. Year after year. Pay raise, go on vacation, or buy more furniture or whatever. Upgrade to a newer, more gas thirsty SUV. Everything funded with debt, never a penny put aside for the future. This is why you get charts like this.

Most families have no meaningful retirement savings. Fully 50% have $8k or less in their retirement.

Retirement savings haven't recovered from the recession. Some say 401(k) plans are a 'disaster'

New research shows that the retirement savings rate has not returned to pre-Financial Crisis levels. And 401(k) plans, which were supposed to replace pensions, are letting some American families fall through the cracks, according to the Economic Policy Institute.

www.cnbc.com

 

[Catskillkid]

I feel bad for folks who are struggling, especially those who are just starting out in life. I was lucky. My parents helped me out a lot with my education and other things early on (trying to pay that back now in my own way). But the long and short of it is that many people (particularly those on the lower end of the socio-economic spectrum, but middle class too) don't care about financial literacy. Walk around any Wal Mart and tell me how many people who work there are concerned about their future and bettering themselves? I'd wager that most of them only care about making enough to pay the cable bill, going to the bar, and probably the latest iPhone or other gadget. And these are the people demanding a $15 minimum wage. I would be far more interested in giving that to them if they were really trying to better their situation but frankly they would just use the extra cash to buy another pack of smokes that week.

 

[GOPerfect]

At least 30% of my income goes into funds for the future. I still have what I need and mostly all that I want.

I do not need the newest I-phone. I bought a truck, not new; it was 18 months old. Nearly new.

I bought my house 20 years ago and still live in it. I do not need to upgrade because I make more money.

We go on nice vacations every year. Are they the most awesome vacations? Nope.

People need to prioritize and realize what is really important.

Again, most are in their own situation because of the choices they make.

 

[tony]

Most people do not want to "SACRIFICE" (or save) for what they "WANT" (not need). What they want, they want now. What they want is instant gratification, buy now pay later... All is good until it snowballs into a avalanche and they are buried in debt.

Some say save a little out of every pay is a good way to start saving. Once the nest egg is going you will get pleasure watching it grow.

 

[Robin]

When my kids were in high school I told them, sometime before they graduate they had to take a business course, they were electives. They all did, they all understand managing their money and are very good at it. Of course, that level of a business course back then is probably equal to a third year SUNY student working toward an MBA. The bar has been soooo lowered.
Robin

 

[@thewheels]

The increased wages don't mean shit when inflation and the cost of living and everything else goes up way more.

^^This^^

Inflation is hidden everywhere outside the gubberments numbers and the unfederal reserve has a target in mind and it's not 0%

 

[Kirk_STNY]

I sympathize with the young people finding it difficult to save. I too was spending on things like food, mortgage, gasoline, utilities, children, divorce. Didn't spend hardly anything on frivolous things. Actually rarely.
Eventually got into the 401(k) at work with company match contributions. Company match is like free money.

 

[Blimey]

I sympathize with the young people finding it difficult to save. I too was spending on things like food, mortgage, gasoline, utilities, children, divorce. Didn't spend hardly anything on frivolous things. Actually rarely.
Eventually got into the 401(k) at work with company match contributions. Company match is like free money.

This alone--just contributing enough for 401k match--puts a person ahead of the average. And for most of us that only requires 6-8% off the top of our paycheck.

 

[fresch]

You must have a budget and follow it.
Or you can just stop at Dunkin Dognuts everyday, buy your lunch, buy dinner, make extra trips because you cannot be bothered to look ahead at your route. After all it's just a couple of dollars, $2x5x50=$500 per year just because your lazy. X any other lazy bs moves.
At the grocery store they put the more expensive stuff at the belly to nips area because people won't bend down to look. Only a buck or two, look at the price of spices as an example. On sale isn't always cheaper.

 

[Jmac00]

as far as I can tell, the true secrete to retirement is not a lump sum of money sitting a IRA or retirement account, it the ability to have a constant stream of income without having to work.

whether that be income from rental property, dividends from investments, or online business that requires an internet connection. AFA im concerned, staying busy and still make a few bucks is the key to a happy retirement ~~~ but thats just me, YMMV

 

[repete]

I have modest retirement accounts. I can't believe the earnings! My investment guy set it up bigly.

I got a year end statement a few days ago on one of my 401's 17% average return for the year! 17% is pretty much unheard of unless you Hillary and bought cattle futures.