The Rulers have a message for you: You're irresponsible & this is all your fault, you didn't save enough! You bought too many TVs!

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  • #292212

    Cold Mountain Trail
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    • Total Posts: 8,138
    @coldmountaintrail

    Coronavirus reveals financial irresponsibility of Americans

    How long could you sustain your household if you were to stop earning income? If you are like most Americans, the answer is not for long. Only 40 percent of Americans can afford an unexpected $1,000 expense with their savings. In fact, nearly 80 percent of workers are living paycheck to paycheck. It is no surprise that the probability of an economic recession brought on by the coronavirus pandemic caused many to worry.

    The need for all Americans to be able to sustain themselves for at least a few months on savings is accentuated during a time of crisis. This means planning ahead when times are good. Financial planners suggest saving at least 20 percent of take home income, while spending at most 30 percent on discretionary items. Yet too many workers still fail to think twice about spending entire paychecks for things they want but do not need.

    Recent decades have offered us relative luxury. More than 80 percent of Americans own smartphones. The same portion of households own one high definition flat screen television, while over half of households own more than one. Over 60 percent of Americans dine out at least once a week, while nearly 20 percent dine out three or more times a week…

    We each have a civic responsibility to our families and to our country. The more fiscal control we show at the kitchen table, the better our ability to handle the next crisis. A solid balance of fiscal government and personal finance courses at the high school level is a start. For most young people, however, true financial literacy is taught at home. We have a chance to show the next generation that saving is earning by another means.

    Kristin Tate is a libertarian writer and an analyst for Young Americans for Liberty. She is an author whose latest book is “How Do I Tax Thee? A Field Guide to the Great American Rip-Off.” Follow her on Twitter @KristinBTate.

    Kristin Tate is a brainwashed moron who doesn’t know shit about economics.  Just my opinion.  I can’t believe she’s pulling out this old chesnut at this time in history.  Shows a distinct want of basic intelligence.

    Young Americans for Liberty (YAL) is a libertarian student activism organization headquartered in Austin, Texas. Formed in 2008 in the aftermath of the Ron Paul 2008 presidential campaign…   wikipedia

  • #292231

    Yanath
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    @yanath

    they indoctrinate the working-class into the capitalist/consumerist orthodoxy, which is a situation that is absolutely inconsistent with ‘saving’.

    They’re such evil sociopaths.

  • #292267

    Fasttense
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    • Total Posts: 550
    @fasttense

    They do save. For the TV, the phone, for rent, for down payment on a car. But if some idiot thinks a person on slave wages can save 30% on the off chance they lose their job and have to stay home for months, they are living in another universe.

    Pay a decent wage and they can save.

  • #292287

    bazukhov
    Member
    • Total Posts: 2,508
    @bazukhov

    She’s right!   Just imagine how many meals Donald Trump skipped just to afford his Trophy Wives and first boarding houses.   Not to mention the golf shoes he had to stuff with paper to cover the holes in the soles.   And, don’t forget how he had to scrimp to afford to pay the kindly doctor who found his agonizing bone spurs.

    A real rags-t0-riches story and  look at him now.   The very picture of frugality.

    Donald and Melania Trump in the dining room of their Trump Tower penthouse.

     

     

     

    Tell me, great captain, how do the angels sleep when the devil leaves his porch light on? Tom Waites

  • #292299

    Hobbit709
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    @hobbit709

    Probably, since I haven’t watched the big 4 networks in years.

    I don't waste my time teaching pigs to sing.

  • #292340

    sadoldgirl
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    • Total Posts: 740
    @sadoldgirl

    Ask all the people who tried to save what happened

    to their savings in 2008! Ask them how they lost their

    jobs and could never recover from their losses! How

    come that millions lost their homes, while Wall Street

    raked in all of the bailout?

  • #292344

    FloridaProg
    Member
    • Total Posts: 308
    @floridaprog

    I worked in the financial world for over 30 years. I’ve met people who made $35K/yr and lived within their means, had a rather sizable nest egg, and manageable debt, and I’ve met people who made $300K/yr who were in debt up to their eyeballs and if you were to give them another $300K/yr they would be that much worse off because they have no clue how to handle money. I’m not discounting the various issues and hardships that could happen in anyone’s life, but there is something to be said for having a budget, wise money management, and saving for a rainy day. My experience has been that it’s not how much you make as much as it’s the self discipline with what you do have. YMMV.

    • #292372

      Yanath
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      @yanath

      @floridaprog

      with their vastly complex social organization, is possible only through a collective, just as biology intended. Humans die in solitude

      ‘Saving’ indicates an element of uncertainty that should not be there, if we stood in real economic solidarity with one another. No one should have to ‘save’ for the future, in a technologically advanced civilization, that has the means to provide for everyone.

    • #292390

      carrotguy
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      @carrotguy

      truth on both sides.   i know i could do better.   the other side of that coin is – despite how people *should* behave, the U.S. fostered a consumer culture and then built an economy on it.   @fasttense post about people being able to save when they’re paid fair wages is just as important.

      as far as “no one should have to save for the future” is concerned…..   i think the apparent wealth of the US has deluded society into accepting a standard of living that is environmentally unsound.    our  budget is built on a giant credit card and there may be a dozen things that could tear it to shambles.    yeah saving is probably important there

  • #292412

    N2Doc
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    @n2doc
  • #292590

    mindpilot
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    • Total Posts: 367
    @mindpilot

    Right off the top, an Internet connection and smartphone are no longer luxuries. But the flat-screen TV really bugs me. Never before in the history of TV, do you get more TV for less money than now, and that is a trend that’s accelerating. And if your going shopping try to find a TV that is not flat and HD, on an unsmart phone.

    However I do agree with one of the author’s points, and that is regarding financial education. Financial scammers and predatory lenders would be denied their pool of potential victims if people had a better grasp of how financial things work. Part of a larger set of life skills that should be taught throughout K-12.

    Slavery was the legal fiction that people can be property.
    Corporatism is the legal fiction that property can be people.

    "If you believe in god, I'm probably smarter than you." -- Tom Leykis

  • #292592

    Ohio Barbarian
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    • Total Posts: 12,920
    @ohiobarbarian

    I do have too many TVs. This article has inspired me to balance them out with pitchforks.

    It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

    If Democrats don’t stand for the people, why should people stand for them?--Jim Hightower

    • #292596

      Hobbit709
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      • Total Posts: 1,600
      @hobbit709

      I probably have enough stuff laying around to build an ORK.

      I don't waste my time teaching pigs to sing.

  • #292602

    Fasttense
    Member
    • Total Posts: 550
    @fasttense

    Our rulers tell us to save to protect ourself from capitalism’s constant crashes. Then they cheat and con us with scams and lies all in an effort to take away that savings. And turn and blame us for falling for their cons.

    While those very same rulers come begging for our tax dollars to bail them out after they failed to save. Even useless cruise lines from other countries come begging for our tax dollars to save them from their poor decisions.

    This after they went on a buy back spree when Trump rewarded them with a tax giveaway.

    When should the corporations start saving?

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