There’s more bad news for the economy. Recently, we read about the 30,000 layoffs from Bank of America, the rise in foreclosure and the lack of added jobs to the market. No one can possibly say that we’re almost out of a recession. As one may predict, tragedy happens in cycles of three.
Unemployment. Foreclosure. Poverty.
Another 2.6 million people slipped below the poverty line in 2010, meaning 46.2 million people now live in poverty in the United States, the highest number in the 52 years the Census Bureau has been tracking it, said Trudi Renwick, chief of the Poverty Statistic Branch at the Census Bureau.
The middle class is most affected by this tragedy. The adjustment in unemployment, higher tax rate and not quite “poor enough” for assistance has allowed for a gloomy situation. As more households are suffering and attempting to figure out how to make ends meet, millionaires such as Warren Buffet are yelling for higher taxes for the rich.
For middle-class families, income fell in 2010. The median household income was $49,445, down slightly from $49,777 the year before.
Although, most would wonder why this is something to blink about…it truly is. As we, [Shabazz Management Group], have mentioned in the past, it’s not your gross that makes a difference it’s what you do with your net income. Most are already attempting to make ends meet and now have to address lower or no income, creating a new budget[with extremely limited funds] and finding their self-worth. It takes a toll of a person’s self-esteem when he or she realizes that yesterday is no longer. Now you aren’t able to pay your basic essentials, make food last the entire week or attempt to “treat yourself”. Thank you for reduced lunch…at least the children can have a steady meal during the day.
Let’s not get on the uninsured. Recently, while commuting I overheard a conversation about someone getting fired. The man began to cry because he was only with the company for one year after looking for employment for one and half years and his wife was recently diagnosed with Cancer.
Again, tragedy happens in threes…Cancer, Unemployment and Uninsured. Unfortunately, there are many families suffering in silence concerned how to make ends meet, not able to seek medical attention and worrying about their financial future.
“Love yourself enough to support yourself.”
Property of SMG, LLC
Reported by Bahiyah Shabazz, MBA