The brittle financial American middle class ? 50 percent of Americans would be in financial trouble if $2,000 of expenses came up in 30 days. By 2020 the world?s richest households will control $202 trillion in wealth, 4 times current global GDP.

As you can see the country's not broke in available money, but broke in morally responsible way!

This economic recovery has excluded working and middle class Americans which begs the question, what really defines a financial recovery? In past and distant recoveries the economic gains were widely distributed amongst all Americans. Most realize that income gains will never be equal simply because in a market based economy those with certain desirable skills will be rewarded more than others. Yet in the last decade the banking sector has co-opted the government to turn it into a welfare state for the large banks. Desirable qualities are now replaced by predator diseased qualities of ripping off the taxpayer for bad market based bets. That is why recent data showing that nearly 50 percent of Americans are unable to come up with $2,000 in 30 days if an emergency came up is startling. $2,000 for most is the basic monthly expenses on food, home, and other little items. So half our country is living one paycheck away from financial collapse. 44,000,000 Americans are living with food assistance from the government already. Keep in mind the recovery has been going on now for close to two full years. According to the NBER the recession was over in June of 2009. The fact that $2,000 is enough to bankrupt half of American households tells you about the new state of our economic recovery.

“(WSJ) The survey asked a simple question, “If you were to face a $2,000 unexpected expense in the next month, how would you get the funds you need?” In the U.S., 24.9% of respondents reported being certainly able, 25.1% probably able, 22.2% probably unable and 27.9% certainly unable. The $2,000 figure “reflects the order of magnitude of the cost of an unanticipated major car repair, a large copayment on a medical expense, legal expenses, or a home repair,” the authors write. On a more concrete basis, the authors cite $2,000 as the cost of an auto transmission replacement and research that reported low-income families claim to need about $1500 in savings for emergencies.”
The above data fits into the mold that average Americans are simply falling behind the elusive curve. The average per capita income for the United States is $25,000. People get somewhat surprised when they hear this figure because it seems low for the most wealthy nation in the world. We invented Cribs and Lifestyles of the Rich and Famous for crying out loud. Yet most that are surprised do not live in the bottom half and keep in mind many of these families are in the two income trap. Meaning both spouses have to work in order to keep things moving financially:

For the rest of the article and charts go to the link provided:

• added by: kennymotown  
• 73 comments

Source: http://current.com/news/93255871_the-brittle-financial-american-middle-class-50-percent-of-americans-would-be-in-financial-trouble-if-2-000-of-expenses-came-up-in-30-days-by-2020-the-world-s-richest-households-will-control-202-trillion-in-wealth-4-times-current-global-gdp.htm?xid=RSSfeed

senate house race debt commision