Just reading the headlines makes me wonder where the economic recovery is. Roughly three-quarters of Americans are living paycheck to paycheck, with little to no emergency savings, according to a survey released by Bankrate.com on Monday.
In addition, according to a TransUnion report the auto-loan delinquency rates inched up in the first quarter, due largely to an increase in subprime loan balances.
The picture is not rosy when, according to the Federal Reserve Bank report of last year, the average U.S. family’s wealth plunged 40 percent in the recession. Worse yet, the report showed that the biggest reduction in net worth, in percentage terms, affected young middle-age families, those headed by 35- to 44-year-olds. Their median net worth — total assets minus debts — dropped 54 percent to $42,100 over the period.
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If we add the expected increases in healthcare costs we can safely say that the hard working taxpayers and their families will have to work harder and longer just to make ends meet. That is if they can find a job, keep it, and/or add more hours.
In the meantime the president and the first family are on their way to Africa on a taxpayer-funded trip with an astronomical cost of $100 million. It almost appears like this White House is either tone-deaf to the plight of hardworking taxpayers or worse yet, it just doesn’t care.
When our American children cannot visit the White House due to the sequester reductions, how can the White House explain the expensive vacations the first family feels entitled to? Why didn’t the sequester cuts trigger a reduction in executive travel?
Read the full article on Fox News Latino.