'An economic divide that is widening': Almost one third of Americans earning $150,000 a year or more say they're living paycheck to paycheck and many rely on credit cards to close the gap
'An economic divide that is widening': Almost one third of Americans earning $150,000 a year or more say they're living paycheck to paycheck and many rely on credit cards to close the gap
Some say they won’t be able to pay off their credit cards by the end of the year.
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This is a completely unfair assessment. I make way less than that, and this is what results they get? Either they didn't try hard enough with more taking the test, or they are THAT financially tone deaf. Soo stupid
I don't understand your point? The article and the survey found a 3rd of people earning over $150k were living pay cheque to pay cheque, but also 36% in the bracket below and over 55% of people on $50k or less.
Living pay cheque to pay cheque is a sign of financial distress but not the only sign. People's living costs also match their lifestyles - it's possible for someone earning $150k to be living pay cheque to pay cheque as the cost of living, schools, transport, etc are higher. Of course people in that bracket have the "luxury" of being able to move down the quality of life ladder - move to a cheaper area, cut back on their lifestyle.
Whatever you may think about people earning that much, the message is that the cost of living crisis is affecting everyone and pulling down living standards for everyone. Not only is it hard to live your previous lifestyle but it's impossible to aspire for more.
The only exception is the millionaires and billionaires who continue to screw the rest of us over. We have more in common with someone who earns $150k a year than someone who earns $500k or who is sitting on millions or billions in asset wealth.
The sooner the middle classes realise they're aligned with the poor and not the rich, the better. Maybe then they will stop voting for shit right wing politicians who only benefit the truly rich.
Try living in a high CoL area on 150k. Don’t bother with the “just move” or whatever trite oversimplified solution. People live where they live. Not everyone wants to earn 75k and live in Ardmore, Oklahoma so that their money goes further. If you can find a 75k job in Ardmore, anyway.
Higher taxes, higher mortgage or rent costs, cost of commuting all add up fast.
That said, burning through $150k does seem a stretch. I lived in a major metro area on a lot less (we were definitely poor), it is possible to keep expenses low, but it sure isn’t comfortable at all.
Is that supposed to make me feel better? Because it didn't. 75, 000 a year is still less than what I make.