Bernie Sanders says it over and over again: 60% of Americans live paycheck to paycheck. Centrist critics swear this is false. Once we sort through the noise, we see Bernie is right on the money.
This man is STUPID! The DNC Told me everything is FINE!
The most important factor, quantitatively speaking, is slightly technical and takes a bit of explanation. If you want to use household wealth data to determine what share of Americans “live paycheck to paycheck,” you have to exclude business owners from the analysis. This isn’t just because — to state what should be obvious — business owners can’t “live paycheck to paycheck,” no matter how poor they are, since they don’t receive a paycheck.
More than business owners, “contractors”.
If you’re a gig worker, including conventional tipped employment to an extent, you’re going to need a buffer because money could dry up. A waitress with a two week cough isn’t making the tips they’re used to and an Uber driver with a blown transmission isn’t making anything.
They couldn’t make it 3 months with no income tho.
Even when you have a career and make better money, better healthcare comes with higher premiums. And 401ks need contributions, so even more people paycheck to paycheck
It’s way more than that. Did they exclude retirees watching their savings dwindle as the stock market crashes, and prices and inflation rise?
Like my folks are retired, well off, but… They are by no means anything beyond their own self imposed paycheck to paycheck. And as shit gets worse they’re stretching things every which way to avoid part time work before death.
I mean, have they tried not being poor? /s
In all seriousness: if extreme poverty was good enough for most of my ancestors, it’s good enough for me?
I’m surprised the number is so low. It feels more like 90%.
