Consumers Get Poorer And Jobs Bill Dies

President Obama's jobs bill is dead and it is back to the drawing board

. Meanwhile, government data reveals that Americans are getting poorer compared to where we were ten years ago. This double whammy of bad news is unwelcome to struggling consumers who are working harder, but for less pay. And for those folks out of work or stuck in a job below their skills and training, there is no government relief coming. If you are going to improve your personal finances it will be with your own blood, sweat and tears and not with any expensive government intervention.

American Households Are Poorer Than 10 Years Ago

According to U.S. Census data, median household income dropped to about $49,000 in 2010 which is a 7% decline (after factoring in inflation) since the last census in 2000. As a result, 2.6 million more people are now in poverty, the most since the Census started tracking in 1959. Over 15% of people now live in poverty in the United States, the richest country on earth.

What Do You Think Should Be Done To Fix This Trend?

Are you poorer than 10 years ago?

Young Adults Stay Living With Parents

Trudi Renwick, the Census Bureau's chief of poverty statistics observed that tough economic times are forcing people to live with their parents or other family members, which the Census calls "doubling up." The number of households doubling up grew from 19.7 million in 2007 to 21.8 million in spring 2011, Renwick says. The bright side of this trend is that it allows young people to avoid debt and focus on saving money rather than try to manage a big monthly rent or mortgage payment.

Demand For Short Term Loans Strong

Smaller paychecks, combined with higher food, gas and medical costs are straining family budgets to the breaking point. Demand for short term loans is strong despite the ongoing political fight between lenders and consumer lobbyist groups over the cost of short term, high risk loans. Earlier this year in New York, legislators proposed a new type of loan product which would look similar to a payday loan. Loan sizes would be between $300 and $2,000, but have a longer repayment schedule of at least 90 days, and up to 6 months (payday loans are typically 14-18 days).

Economically Struggling Cities Speaking Out

The payday loan industry has grown significantly in Western New York in the past year. Ironically, it is this area (Buffalo region) that a huge number of participants in the Occupy Wall Street protest are from. The protesters have besieged lower Manhattan for weeks to raise awareness about income inequality. Many protesters have earned college degrees and have student loans but can't find jobs that fit their skill level and income needs. This frustration is boiling over into similar Occupy protests throughout the United States. This is probably just the beginning of a long term trend of protests that will escalate as the Presidential election season gets into full swing.

by: Nathan Randall

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