Analysis Of Debt Poor

Everyone is being affected by the rise in debt. “Households with high income generally have lower debt-to-income ratios”(Pressman). The rich may not become poor or fall into poverty because of the debt, but in the long run those people with high income would see a change in the money they have made and where it has gone. As people fall into debt they can see how it decreases the stability of living. “The refunds and subsidies are sometimes banked for savings towards a car, house, an education; but they are often needed immediately for overdue bills and large purchases”(Shipler 13). When people have overdue bills its hard for them to buy the necessities that they need to support themselves which makes it difficult to stay above the poverty line. “ Many Americans have income above the poverty line, but because they must use a portion of their income to service their debt, they can not buy the goods and services needed to escape poverty”(Pressman). The poverty level is

The film Life and Debt is a documentary filmed by the award winning film director, Stephanie Black. The film examines the effects of globalization in Jamaica, from the point of view of Jamaican workers, farmers, and government and policy officials. Life and Debt shines a light on how the International Monetary Fund and the World Bank's structural adjustment policies affected Jamaica. It shows how the impositions made by the IMF and NAFTA, crippled Jamaican industry and agriculture and caused the end of Jamaica’s a self-sufficient economy. The documentary also emphasizes the difference between the Jamaica that the tourists see, and the Jamaica that the native citizens see.

More specifically, one story talks about Shelly Comer a divorced 43 year old mother of three who also take care of her oldest child’s friend, Michelle. Shelly has worked her whole life doing a variety of jobs. She recently became a registered nurse and now works night shifts and makes an annual income of $70,377. Regardless of these things, she is currently going into debt so that Michelle can go to college. This article not only explains the “many average Americans that are struggling from rising costs” but also how it’s getting harder for American families to have any money for themselves.

1 Edward N. Wolff. “Recent trends in household wealth in the United States: Rising debt and the middle-class squeeze - an update to 2007,” Working Paper No. 589. Accessed January 13, 2013, http://www.levyinstitute.org/pubs/wp_589.pdf

The issue of income inequality is a reoccurring theme in Maria Konnikova’s article “America’s Surprising Views on Income Inequality” as well as Barbara Ehrenreich’s memoir Nickel and Dimed. To commence, Konnikova writes about the rapid growing gap between the rich and the poor. In particular, she elucidates, “Income inequality has grown by record amounts since the 2008 recession: between 2009 and 2012, incomes for the top one per cent of the population rose by more than thirty per cent, while those for the rest of the country-the bottom ninety-nine per cent-increased by less than half of one per cent” (Konnikova 1). Clearly, it is difficult for low-class individuals to make enough money to support themselves and their families. Furthermore,

I think college student loan debt raises serious concerns for students and makes them worried about their future. College student loan debt in USA is at an all-time high and it has increased over time. The number of students requiring financial aid and student loans has increased as well. Majority of college students get loans to pay for their higher education, and the demand is increasing because college tuition cost is increasing. Most of the U.S. college four-year undergraduate students graduate with some level of debt. Most of those students may not know the problem they will face after graduation to pay back college loan. Some students may know that they will be in deep debt by the time they graduate,

Throughout both in-class discussions, and David Shipler’s “The Working Poor: Invisible in America” we learned being poor in America is anything but easy. Even with all of our government assistance programs such as Medicaid and Welfare, many family generation after generation seem to fall below the poverty line and create a life of struggle and long way out for their families. When Shipler is explaining different families and their lac of self control in saving the little money they do earn, it makes you question if the have the know how to get out of poverty, or even in some cases even want to due to their different spending habits than successful people, falling into credit traps, and buying the un-necessary.

The Levy Institute: Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze: an Update to 2007 Statistics

Although Americans have one of the highest National income per person in the world, based on what other less fortunate places, what is poor to America might be completely different to someone in poorer countries. ”When you look at the people who John Edwards insists are poor, what you find is that the overwhelming majority of them have cable television, have air conditioning, have microwaves, have two color TVs; 45 percent of them own their own homes, which are typically three-bedroom homes with 1 1/2 baths in very good condition.” said Robert Rector in an article “Poverty and Homelessness” which emphasizes the fact that Americans could have it much worse. Most of the people who claim they don’t have money have a house, food, a place to sleep and even children who are fed just as much as middle-class children. The difference is that we are spoiled by our government and believe that because a family does not have excess money after all the bills are paid, they are

I've attached the following documents for your approval in regards to payments made to your community debt since the date of your separation in 2013. We received your National Federal Credit Union Bank Statements for the period of 2013-May 2015. However, we did not realize that your statements were double sided when scanning them into our system. As such, I was unable to cross reference your community debts with your bank statements for said time period. I was able to still input your payments from the other statements (Military Star/ NFCU Credit Cards/Car loans) into a spreadsheet, but would like a copy of the bank statements again, just to double check. Also, please be advised that you can cross reference the statements

I think that my idea is much better because it will free up funds that could be reallocated where it is needed such as healthcare expenses. These issues really need to be addressed and reevaluated and something needs to be done immediately. It will never be practiced because the politicians will not reduce their income and we will continue seeing cutbacks from our veterans, elderly, and disabled populations.

As poverty spreads, there are carving broader arcs of desperation throughout the country. A rising number of Americans are struggling to make it from one paycheck or unemployment check to the next (Abramsky, 2012). In the United States, families and individuals are classified as being in poverty if their annual money income before taxes and other deductions falls below the official poverty thresholds (Betson, 1977). According to the United States Census Bureau, poverty is based on the number of people in a family, and who share an income less than three times the cost of food for that household. The recent United State recession has pushed the number of poor young children to their highest levels of poverty since 1994. Poverty is more pervasive

Income inequality has been a persistent problem in the United States, practically since its conception. It has been probed, studied and blamed for many of society’s ills. While some would suggest that outside influences, such as pop culture, are the culprit. Others would argue that is actually the policy makers that making it increasingly difficult for the poorest in our society to relieve themselves of the hardship of being financially challenged through what one would call “Modern Day Debtors Prisons” ( Rappleye and Seville pg. 1)

     The documentary Life and Debt portrays a true example of the impact economic globalization can have on a developing country. When most Americans think about Jamaica, we think about the beautiful beaches, warm weather, and friendly people that make it a fabulous vacation spot. This movie shows the place in a different light, by showing a pressuring problem of debt. The everyday survival of many Jamaicans is based on the economic decisions of the United States and other powerful foreign countries.

“The average American owns 3.5 credit cards and $15,799 in credit card debt… totaling consumer debt of $2.43 trillion in the USA alone.” (Beckner). Debt forces many people into depression and worrying lives. People struggle to discover happiness through financing goods, but struggle even more to find a way out of debt. Through consumerism, people lose their finances in department stores, car dealerships, and much more. Most of the possessions people buy with credit cards become impractical within a few months. The void they search for is never really filled. Consumerism is just a way to get the economy going, without thinking of a person’s individual finance