It’s no real surprise that the American economy is stumbling. According to CNN Money, since the 1980’s there’s been a rise (14%) in this demographic group. Low wage is set at $11.22 an hour, this excludes teenagers making $8/hour (typically in the fast food industry) .
In order to be considered poor in this country you have to be making (bottom dollar) $23,000 or below as a single person or $46,500 for a family of four. (Yes, it’s expensive to live here.) Broken down by gender this includes 15% married men and 13% married women. 37% are of both with no children living at home or supporting other relatives.
It really does take two incomes for married couples to stay afloat and with the sketchy job market I just don’t see how it’s possible to survive with one breadwinner unless you start to pare down unnecessary luxuries. You be the judge of what you might consider a luxury. I feel paying for the following are a must and must never be considered a luxury:
4.) Health/car/home insurance
5.) Car (trust me in the Midwest it’s a necessity).
6.) Gas (see number 5.)
Many American families are having to tighten their fiscal belt by choosing wants such as going out to eat, movies etc…to planning vacations over paying for basic needs. All the other stuff is just icing on the cake.
I pray we as a nation can recover but certainly our country cannot continue on this unstable footing as we have been the past few years.