The American Dream Is Now Officially Unaffordable

[dmcowen674]

My internet died before I could comment, didn't think this went through.

I see the Rich Republicans in here blaming Obama.

What exactly did he personally do to cause this?

He didn't do anything to stop the death spiral of the dream but I don't see how he is 100% responsible.


7-13-2014

http://wallstcheatsheet.com/busines...s-now-officially-unaffordable.html/?a=viewall

The American Dream Is Now Officially Unaffordable

It looks like the inevitable has finally caught up with us: the American Dream is no longer affordable.

We’ve heard about the possibility for years, and according to a new study put together by USA Today, a six-figure [FONT=inherit !important][FONT=inherit !important] income[/FONT][/FONT] is what it really takes to put all the pieces together. In fact, the exact figure is $130,357, which they arrived at by calculating the cost of a family’s essential expenses, some extras, and taxes/savings.


If $130,000 seems like a lot, that’s because it is. Even with two adults working full-time, that can be a number out of reach for most people.


The biggest issue — and the factor that is putting the ‘American dream’ out of reach for the vast majority of people — is that they simply do not have the[FONT=inherit !important][FONT=inherit !important] financial[/FONT][/FONT] power they did before. The cost of living has been skyrocketing over the past ten or fifteen years. Just about every standard purchase, whether it be for a home or for a gallon of gasoline, has seen prices jump dramatically. Food prices are also through the roof, along with healthcare costs and transportation.

The other side of the coin is that wages and compensation have flat-lined. As everything else has gone up in price, wages really haven’t budged, leading to erosion of purchasing power. Ever wonder why so many retail stores and restaurants closed over the past five years? It’s because those in their target demographic, the middle class, simply don’t have the money to go there anymore.

Eroding wages and increasing costs — this is the intersection that is causing the middle class to disappear.

Putting it out of reach, all the while expecting people to continue buying into the ‘meritocracy,’ is going to eventually come back to bite you.

 

[michal1980]

thanks obama

 

[MongGrel]

thanks obama

Expected response, and so wrong.

 

[bozack]

Expected response, and so wrong.

and why is it wrong? current president should shoulder all of the blame for that which happens while they are in office no?

 

[Zebo]

Not if they are democrat.even though Clinton ushered banks to become hedge funds, slave trade... obama bp cover up, continued bank bailouts, insurance and phrama bailout act, cheap labor immigratiion policy,

hope and change...just keep saying it...like religion it becomes a 'fact'

 

[postmortemIA]

and why is it wrong? current president should shoulder all of the blame for that which happens while they are in office no?

The problem was there before he took office. However, he had enough time to at least move in the right direction, but we can't see any noticeable effect.

For real, reverting the process of disappearing middle class is already impossible. Nobody has balls or power to do so because all balls are in the hands of these responsible for where we're at. The multinational corporations and individuals on top of them are ones who got insanely rich while everybody else is more poor.

 

[Zebo]

For real, reverting the process of disappearing middle class is already impossible.

Nothing is impossible, FDR moved fucking mountians and he was an elite. Obama is just bought and sold like a good house ni**er

I don't know where you think you are, but you need a few days to decompress.
admin allisolm

 

[Engineer]

Ship jobs out for decades, this is the result, regardless who is in office. Both love the bullshit free trade that has helped put us here....Ross Perot says "Enjoy it..you've earned and voted for it".

 

[Matt1970]

$130K is damn near the top 5%. This article is way off base.

 

[Engineer]

$130K is damn near the top 5%. This article is way off base.

Does seem way too high. Regardless, I do think the dream, if not dead yet, is dying.

 

[ivwshane]

I'm all for blaming whoever so long as the blame is deserved. So exactly what policies has Obama put forth that was passed by congress that has caused the American dream to be unobtainable? What policies has he set at the federal level that has caused less and less people to be able to obtain the American dream?

I'm not looking for what he hasn't done (unless it's within his presidential powers to do so) because if he hasn't done something because congress has blocked it, I do not blame him, not in this political climate.

 

[Zorkorist]

He's asked to raise the minimum wage.
He can't stop the flood of illegal aliens into America.
He has regulated things like wind power, which is stupid, compared to coal, and nuclear power.
He has regulated things like solar power, which is stupid, compared to coal, and nuclear power.
He has passed the Affordable Care Act (Obama Care) which does the opposite, and socializes medicine.
He bailed out the banks, and creditors, and oversaw America's first default on a loan payment.

Those come immediately to mind.

-John

 

[pippenainteasy]

In before eskimospy posts some government statistics showing Americans are 10x richer than they were in the 1950s.

 

[Zorkorist]

I was at my Brother's house to watch the soccer game today, and his wife, who had lived in Rio de Janeiro, Brazil, commented on how expensive Brazil was. My other brother said, well look at all the poor people. She said, well yes... there are the Rich, and the Poor.

America has never had this problem. There are folks that work, and their employers. The problem America has now is Government.

Government is indebting average citizens, to ridiculous extremes. As far as I know, each citizen currently owes $60,000 on the national debt.

-John

 

[nickbits]

$130K is damn near the top 5%. This article is way off base.

Not for a household. That's only 65k each.

 

[NoStateofMind]

In before eskimospy posts some government statistics showing Americans are 10x richer than they were in the 1950s.

LMAO!

 

[ivwshane]

He's asked to raise the minimum wage.
He can't stop the flood of illegal aliens into America.
He has regulated things like wind power, which is stupid, compared to coal, and nuclear power.
He has regulated things like solar power, which is stupid, compared to coal, and nuclear power.
He has passed the Affordable Care Act (Obama Care) which does the opposite, and socializes medicine.
He bailed out the banks, and creditors, and oversaw America's first default on a loan payment.

Those come immediately to mind.

-John

Lol! You aren't too smart are you?

 

[Zorkorist]

Go on, iwshane,

Attack! Attack! Attack!

Obama would be proud.

=John

 

[Zorkorist]

Rules for Radicals...

http://en.wikipedia.org/wiki/Rules_for_Radicals

-John

 

[Engineer]

Go on, iwshane,

Attack! Attack! Attack!

Obama would be proud.

=John

Irony.

 

[Zorkorist]

I do plenty of non-attacking posts, if that is what you are alluding to, Engineer.

I am a good contributing member to the forum.

Now, who is attacking?

-John

 

[randomrogue]

Not for a household. That's only 65k each.

$130K is around the 80% mark. Still pretty high. At least as of 2012 numbers.

$130K in California will get you a house in Sacramento or something. $130K though in Texas will get you a lot.

So it all depends on where you live.

Those making around the median which is around $60K per household are in for a world of hurt. Realistically speaking most people cannot afford a home anymore. I haven't followed the numbers very closely lately but I remember when I graduated from University they said that only 8% of Californians could afford a home. Now that we've had the bubble burst I believe that number is up to about 30%.

So yeah, if you want the American dream you better make some good money. As for the rest of the population? Well they're not destined for much.

There's no shame in renting except that rents around here at least are astronomically high.

 

[Olikan]

America has never had this problem. There are folks that work, and their employers. The problem America has now is Government.

LoL, I am brazillian and it seems that i know US story better than some americans...
Slaves were the working middle class right?

 

[Zorkorist]

Government is making slaves of everyone.

-John

 

[Zebo]

why u baggin on govt zork? i have three teens and told them to work either for govt which now pays better than private sector, for banks that get bailed out by govt, or a govt contractor which gives no bid high margin contracts from govt. govt is alpha and omega these days