According to Brookings, more than 53
million Americans – or about 44% of the workforce – qualify as “low-wage” income
earners. Their median hourly wages are $10.22, which means they earn about
$18,000 per year.
In other news, U.S. households are now sitting on a record $14 trillion in mortgage, credit card, student loan, and other forms of debt. This is about $1.3 trillion higher than the previous peak, set in 2008, right before the market collapse.
Oh yeah, with a "booming" stock market, we're supposed to believe everything's just fine.
OK, I guess I feel a little better ... 😐.
OK, I guess I feel a little better ... 😐.
- Mark
Silver lining? You be the judge ... the ratio of "required household debt payments" (minimum payments) is lower than it was before the 2008 market collapse (12.8% to 9.69%). If you're not impressed you're not alone.
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