America Is Bankrupt
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Nearly 51 million households don’t earn enough to afford a monthly budget that includes housing, food, child care, health care, transportation, and a cell phone, according to a study released Thursday by the United Way ALICE Project. That’s 43% of households in the United States.
The figure includes the 16.1 million households living in poverty, as well as the 34.7 million families that the United Way has dubbed ALICE, Asset Limited, Income Constrained, Employed. This group makes less than what’s needed “to survive in the modern economy.”
“Despite seemingly positive economic signs, the ALICE data shows that financial hardship is still a pervasive problem,” said Stephanie Hoopes, the project’s director.
California, New Mexico, and Hawaii have the largest share of struggling families, at 49% each. North Dakota, the only US state in which the banks are publicly owned, has the lowest at 32%.
Many of these folks are the nation’s childcare workers, home health aides, office assistants and store clerks, who work low-paying jobs and have little savings, the study noted. Some 66% of jobs in the US pay less than $20 an hour.
The study also drilled down to the county level. For instance, in Seattle’s King County, the annual household survival budget for a family of four (including one infant and one pre-schooler) in 2016 was nearly $85,000. This would require an hourly wage of $42.46. But in Washington State, only 14% of jobs pay more than $40 an hour.
Michael Walsh was awarded ‘Writer of the Year 2011’. With 60 books bearing his name, thousands of new stories and columns, Michael is arguably Britain and Europe’s most prolific author of multi-topic books none of which have been ghost-written.
MICHAEL WALSH is a journalist, broadcaster and the author of RISE OF THE SUN WEEL, EUROPE ARISE, TROTSKY’S WHITE NEGROES, MEGACAUST, THE ALLIED INVASION. DEATH OF A CITY, WITNESS TO HISTORY, THE BUSINESS BOOSTER and THE FIFTH COLUMN VOLUME I and II, and other book titles.
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