JMHO Loc: Utah

Four out of 10 American households were straining financially five years after the Great Recession -- many struggling with tight credit, education debt and retirement issues, according to a new Federal Reserve survey of consumers.

The Fed study shows that the economy has made progress to the point where a majority of U.S. households said they were "living comfortably" or doing OK financially.

But almost 40% reported that their families were "just getting by" or struggling to do so. And more people reported that their financial situation was worse rather than better off compared to five years earlier. The survey was taken in September 2013.

Overall, the Fed's findings, reported Thursday, are consistent with many other studies and data depicting the deep and lingering effects of the 2007-09 recession. The recovery has been slow and uneven, skewed toward the wealthy.

"It just shows that the recovery is not delivering for a huge chunk of Americans," said Heidi Shierholz, an economist at the liberal-leaning Economic Policy Institute.

Because the Fed report captured a snapshot of households last fall, no comparable data from previous years was available to assess changes over time. The central bank conducts a far more extensive survey of consumer finances every three years, but the results of the most recent one, for 2013, won't be released until early next year.

Still, this latest snapshot, which the Fed said was aimed at monitoring the recovery and risks to financial stability, adds to the understanding of the severity of the Great Recession's effect on households and individuals.

The survey found, for example, that 15% of those who had retired since 2008 had retired earlier than planned because of the downturn. Only 4% said they had retired later than expected. Based on demographics, that translates into roughly 2 million more people retiring since 2008 than if the recession had not occurred.

"This suggests that some of the folks who dropped out of the labor force during the recession will not be returning," said Scott Hoyt, an economist at Moody's Analytics.

For most Americans, homes are their primary assets. But of those who had owned their home for at least five years, 45% said that the value of their property was lower than in 2008, while 27% believed that it was higher.

The recession has turned more Americans into renters, yet the survey suggests that's not because they aren't interested in being homeowners. The most common reasons people gave for renting rather than buying a home were because they couldn't afford a down payment or couldn't qualify for a mortgage.

On loans in general, the survey showed that about one-third of consumers were turned down or given less credit than they had sought. An additional 19% reported putting off applying because they figured that they would be rejected.

More recently, however, there are indications that lenders are loosening up. Separately, the Fed reported Thursday that consumer borrowing rose in June at a solid 6.5% annual pace, thanks mostly to gains in auto and student loans.

About one-fourth of households have education debt of some kind, according to the survey. The average amount was $27,840 -- a hefty amount that left nearly one-fifth of the borrowers behind in payments or facing collections.

Financial strains also were evident in health spending: About one-third of respondents said they had put off medical care in the previous 12 months because they could not afford it.

And although more than half of households said they were socking away some of their income, less than 40% had a rainy-day fund to cover expenses for three months.

bahmer

I live in Illinois and with Obama at the helm and Pat Quinn as governor of Illinois the only thing that these two are good at is driving businesses to other areas. Whether as in Pat Quinn's place to other states or in Obama's case driving businesses to other countries the results are the same.

Dummy Boy Loc: Michigan

Go to this article: http://www.nationalgeographic.com/foodfeatures/hunger/

I do volunteer work with Gleaners and this article is spot on...

buffalo Loc: Texas

Saul Alinsky died about 43 years ago, but his writings influenced those in political control of our nation today.......

Recall that Hillary did her college thesis on his writings and Obama writes about him in his books.

Died: June 12, 1972, Carmel-by-the-Sea, Ca
Education: University of Chicago
Spouse: Irene Alinsky
Books: Rules for Radicals, Reveille for Radicals

Anyone out there think that this stuff isn't happening today in the U.S. ?

How to create a social state by Saul Alinsky:

There are eight levels of control that must be obtained before you are able to create a social state. The first is the most important.

1) Healthcare Control healthcare and you control the people

2) Poverty Increase the Poverty level as high as possible, poor people are easier to control and will not fight back if you are providing everything for them to live.

3) Debt Increase the debt to an unsustainable level. That way you are able to increase taxes, and this will produce more poverty.

4) Gun Control Remove the ability to defend themselves from the Government. That way you are able to create a police state.

5) Welfare Take control of every aspect of their lives (Food, Housing, and Income)

6) Education Take control of what people read and listen to and take control of what children learn in school.

7) Religion Remove the belief in the God from the Government and schools

8) Class Warfare Divide the people into the wealthy and the poor. This will cause more discontent and it will be easier to take (Tax) the wealthy with the support of the poor.

Does any of this sound like what is happening to the United States?

Alinsky merely simplified Vladimir Lenin's original scheme for world conquest by communism, under Russian rule. Stalin described his converts as
"Useful Idiots." The Useful Idiots have destroyed every nation in which they have seized power and control. It is presently happening at an alarming rate in the U.S.

If people can read this and still say everything is just fine they are useful idiots.

JMHO Loc: Utah

Okay, I read it. This is a one-sided view, and I would like to see an article addressing the other view. First of all, don't get me wrong, NO ONE SHOULD STARVE IN THIS COUNTRY. I see over weight people, like in this article, say they can't budget for food...something is wrong. I think a lot of it is priorities, and budget mismanagement. I grew up poor, but we didn't know we were poor. My parents were survivors of the depression, and they had to learn to get by with almost nothing. My mother, who is still alive at 89, lives only on her husbands paltry SS benefit check of around $1200 a month. And, she does quite well, even puts money in the bank...and, she has been fighting lung cancer for five years now. She has learned, from growing up during the depression, how to budget. I might also add that many of these families do not know how to eat cheaply, and still get the proper nourishment. They don't know how to plan meals using cheaper ingredients...depression survivors learned this. One family friend told me she knew a neighbor during the depression who ate only potatoes, and some meat when he could get it, for a year, and survived. Another story, my wife's family tells, is when all they could afford was day old bread which they fried (three meals a day)...and, they were feeding nine kids.

I commend you for your volunteer work.

JMHO Loc: Utah

Wake up America!

karpenter Loc: Headin' Fer Da Hills !!

Sure It's Only 40% ??
Just Two Years Ago There Were More Than That On Assistance
And We Have A Tsunami More To Absorb At Our Borders
They Need To Re-Do Their 'Study'

Btfkr Loc: just outside the Mile High City

When all else fails blame Saul Alinsky. Once again, this is bullshit as Saul Alinsky did not even write these "rules". It doesn't even make sense if you read them and him, and look at time frame, that he could have written them. Also once again, the biggest user these days of what Saul Alinsky did write is...TADA!...the TEA Party. Look it up yourselves, I'm not doing all your research again. Have a lovely day :thumbup: :thumbup: :XD: :XD:

Dummy Boy Loc: Michigan

Let's just say some people can be taught and some can't...

I do well financially, and we struggle to spend less than $150 per week. I'm not complaining....I don't miss steaks...my wife is very willing to eat inexpensive vegetables. I don't want the government to fix it. If my employment circumstances were as such as talked about in the article it would be overwhelming. That is the take away and that is my point. I would much rather see food stamps go to the needy than corporate welfare go to corporate farms. There isn't as much fraud in welfare as one thinks and what little there is pennies compared to fraud being committed within medicare most of them are doctors who are committing the fraud.

buffalo Loc: Texas

Sounds like you must be a fan of Alinsky.

Does any of those "rules" sound like what is happening today in the US? Maybe your community organizer in chief wrote them. Eh?

Btfkr Loc: just outside the Mile High City

Not a fan particularly nor a hater there huffablo. I am a fan of the truth however.

No it sounds like some hacks interpretation of what is going on in the US today who just thought his ramblings would gain some notoriety if he stole Alinsky's name.

You think O wrote it? :XD: :XD: :XD: funny guy :-P

cant beleve Loc: Planet Kolob

Haven't seen you much on here. Glad your still around. :thumbup: :-P

Btfkr Loc: just outside the Mile High City

Thanks! You are one of the few glad 2 see me round :XD: :XD: Glad 2 see u here too! I've just been busy doing summertime things, not much time or reason for arguing here :-P :-P Things OK for you?