When you read the news of the day, and a big story confirms one of your biggest fears, the temptation to panic is great. Today that happened for me. Take a look at some of the numbers released from the Social Security Administration today.
You can find the report that the Social Security Administration just released right here. The following are some of the numbers that really stood out for me…
-38 percent of all American workers made less than $20,000 last year.
-51 percent of all American workers made less than $30,000 last year.
-62 percent of all American workers made less than $40,000 last year.
-71 percent of all American workers made less than $50,000 last year.
That first number is truly staggering. The federal poverty level for a family of five is $28,410, and yet almost 40 percent of all American workers do not even bring in $20,000 a year.
If you worked a full-time job at $10 an hour all year long with two weeks off, you would make approximately $20,000. This should tell you something about the quality of the jobs that our economy is producing at this point.
The fact is, living within a budget is a great idea, but when you make less than the poverty level, it is practically impossible to do. Looking at these numbers and knowing that only 29% of working Americans made more than $50,000 last year means that living paycheck to paycheck is inevitable. The middle class is disappearing.
With both spouses in a family working as hard as they can and still not making ends meet, life gets hard. Families become demoralized. Then, there’s the threat of technology and robots taking over more jobs. This news is overwhelming to take in.
As we move toward the future, we need to find creative ways to earn income and make it grow if there is going to be any sort of legacy for our children and for the future.