America’s new poor

By Bahiyah Shabazz, MBA

“Nearly one in two Americans is now living on the lower end of the income scale, according to the Census Bureau. “

Middle class

No one could have believed the impact of the economic downturn.  The recovery is nearly unimaginable as many households are facing layoffs, eviction notice and hand outs.

For families who were once “on top of the world” are now praying for two slices of bread to make a sandwich. Many were not prepared this type of economy.  Even if you were able to scrape by and save three months of emergency fund, it’s possible you could have spent it to date.  The average length of unemployment is longer than 27 weeks.

America is quickly losing its Middle Class.  The land of the Free is now Financially Enslaved.

Some families whose annual income was six figures are now down to nothing, living in shelters or with family members.  Now, when you see a homeless family most can relate. The perception of hopeless and homeless is no longer a stereotype.

Now that the Middle Class is becoming obsolete, Americans are also concerned about its future. What are the politicians going to do to stop this financially enslaved epidemic?

According to Mitt Romney, “I’m not concerned about the very poor. We have a safety net there. If it needs repair, I’ll fix it.”

What does that mean? Is his income bracket too high to realize that’s {poor class} exactly who he should be concerned with?  Without the security of the future, economy and the poor class, his chances of holding office is slim.

We hate to break it to you…

Data released by the U.S. Census Bureau back in September showed that just over 46 million Americans—or 15.1 percent of the population—lived below the official poverty line ($11,100 for an individual, $22,300 for a family of four).

In the opinion of Fabulous & Money Savvy™, that was a naive and idiotic statement for Mitt Romney to make.

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“Love yourself enough support yourself.”

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8 thoughts on “America’s new poor

  1. You are so right. I’m retired and haven’t been hurt as much by the falling economy as some of my friends and neighbors. I planned before hand to retire early and paid off a lot of my debts in preparation for it. I knew I was going to have a lot less to live on but peace of mind, body and soul was more important to me. Having pension, social security and savings were enough for me to get by. I am no longer in the middle class as we know it, but I am able to survive because that it what we do and have done for generations. On the other hand my daughter and her three children have had to move in with me to make ends meet. I pray that things will get better, but I fear they will get worst first. In the end we are a stronger family because together we are handling this enconomy with more insight and more fight.
    Thanks for your post.
    BE ENCOURAGED! BE BLESSED!

    • Love your response. It sounds like you did a fantastic job with preparing for your retirement. If only we had more people do the same. Although you’re no longer middle class, I believe you’re able to survive because you’ve eliminated most of your responsibilities.

      Please let your daughter know that this too shall pass. While she’s residing with you she should develop a plan and budget to save as much as she can while paying off debt. Every penny makes a difference. It seems you’re also in the situation to share your knowledge with her…leaving a legacy.

  2. Such a sad situation. Are you in USA? They way the poor are getting poorer and the Rich couldn’t even give a damn. What sort of world do we live in. If there is one subject that gets me riled up, this is the one. God help us all

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