{"id":678,"date":"2017-03-23T05:36:55","date_gmt":"2017-03-23T12:36:55","guid":{"rendered":"https:\/\/georgiagreenparty.org\/?p=678"},"modified":"2017-03-23T05:36:55","modified_gmt":"2017-03-23T12:36:55","slug":"678-2","status":"publish","type":"post","link":"https:\/\/dev.wp.georgiagreenparty.org\/?p=678","title":{"rendered":""},"content":{"rendered":"

Are you or a loved one having trouble staying afloat? You\u2019re truly not alone.<\/b><\/span><\/h3>\n

by:Chuck Collins<\/a><\/b><\/span><\/p>\n

Originally published at Counterpunch on March 23, 2017<\/b><\/span><\/p>\n

\n

While the media reports low unemployment and a rising stock market, the reality is that almost 20 percent of the country lives in \u201cUnderwater Nation,\u201d with zero or even negative net worth. And more still have almost no cash reverses to get them through hard times.<\/span><\/p>\n

This is a source of enormous stress for many low and middle-income families.<\/span><\/p>\n

Savings and wealth are vital life preservers for people faced with job loss, illness, divorce, or even car trouble<\/a>. Yet an estimated 15 to 20 percent of families have no savings at all, or owe more than they own.<\/span><\/p>\n

They\u2019re disproportionately rural, female, renters, and people without a college degree. But the underwater ranks also include a large number of people who appear to be<\/a> in the stable middle class. Health challenges are a major cause of savings depletion for these people, both in medical bills and lost wages.<\/span><\/p>\n

Plenty more Americans could be vulnerable.<\/span><\/p>\n

A financial planallynner will advise you to put aside three months of living expenses in financial reserves, just in case. So if your living expenses are $2,000 a month, you should try to have $6,000 in \u201cliquidity\u201d \u2014 money you can easily get to in an emergency.<\/span><\/p>\n

But 44 percent of households don\u2019t have enough funds to tide themselves over for three months, even if they lived at the poverty level, according to the Assets and Opportunity Scorecard<\/a>.<\/span><\/p>\n

Even having a positive net worth doesn\u2019t mean you can always tap these funds, especially if wealth takes the form of home equity or owning a car.<\/span><\/p>\n

A Bankrate survey<\/a> found that 63 percent of U.S. households lack the cash or savings to meet a $1,000 emergency expense. They\u2019d have to borrow from a friend or family, or put costs on a credit card.<\/span><\/p>\n

Seven percent of U.S. homeowners are underwater homeowners, with mortgage debt higher than the value of their homes. And more and more people have taken on credit card debt to pay the bills. Meanwhile, student debt is rising rapidly and is projected to become one of the biggest factors in negative wealth.<\/span><\/p>\n

Conservative scolds will blame individuals for \u201cliving beyond their means\u201d and being financially irresponsible. And individual behavior is important. But the financial stresses facing millions of families are more likely the result of four decades of stagnant incomes.<\/span><\/p>\n

Half the workers in this country haven\u2019t shared in the economic gains that have mostly gone to the rich<\/a>. Their real wages have stayed flat while health care, housing, and other expenses continue to rise.<\/span><\/p>\n

So not everyone is on the edge at this time of dizzying inequality, after all. The 400 wealthiest billionaires<\/a> in the U.S. have as much wealth together as the bottom 62 percent of the population.<\/span><\/p>\n

This is only possible because of the expanding ranks of drowning Americans.<\/span><\/p>\n

Some politicians will scapegoat immigrants or other vulnerable people for this suffering. When this happens, hold on tight to your purse or wallet. They\u2019re trying to distract you from the rich and powerful elites who are rigging the rules to get more wealth and power.<\/span><\/p>\n

They want to deflect your attention away from the reality that your economic pain is the result of deliberate government rules that give more tax cuts to the super-rich and global corporations, keep wages down, push up tuition costs, and let corporations nickel and dime you for all you\u2019re worth.<\/span><\/p>\n

Congress and the Trump administration are proposing to cut health care, pass more tax cuts for the rich, and give global corporations even more power over you. They promise benefits will \u201ctrickle down.\u201d<\/span><\/p>\n

Unless we speak up, the only trickle will be the expansion of Underwater Nation.<\/span><\/p>\n

Distributed by OtherWords.<\/span><\/em><\/p>\n