Bruno Mars said it best when he sang the lyrics: “I want to be a millionaire so freaking bad.”
Well, he didn’t exactly say “freaking,” but there’s a time and a place to say certain things.
Money is such a crucial variable for both survival and leisure, though it always appears as though there’s never enough. However, in recent years we have seen a drop in how much we need to spend, namely in the household.
The truth of the matter is American household debt has fallen by a hefty amount, an uplifting fact supported by the Washington Post who reported on Aug. 15 the following: “Total household debt fell another $78 billion, or 0.7 percent, in the second quarter of 2013,” and “American households have reduced their debt burdens by $1.53 trillion, or 12 percent.”
Just by seeing these stats, it’s not hard to see that America has made some enormous improvements in the cash department. But it still seems as though a lack of “dough” is a big topic on everyone’s minds, and the reason is that American household income has taken a tumble and the poverty rate is on the rise.
CNN lent their take on the topic, first by addressing the income decrease. According to “CNN Money,” their numbers inform that income has dropped to $51,017 in 2012, down from $51,100 in 2011. Addressing the income decline further, CNN.com stated on Sept. 17, “Income has tumbled since the recession hit, and is still 8.3 percent below where it was in 2007. The site continues to explain that while the U.S. has indeed experienced economic growth since the recession of 2007, this growth hasn’t reached everyday Americans and has primarily benefitted the rich.
Within the midst of this bad news, America searches for a silver lining on this storm cloud we’ve been led to believe we are riding. Fortunately for us, PolicyMic.com has good news. Posted on a
May 17 article, political columnist Ryan Schoenike informed us that “Deficits decreased by 1.3 percent of [the] GDP and [will decrease by] 0.3 percent of [the] GDP over the next 10 years.” In other words, our GDP – GDP being our “Gross Domestic Product,” or value of America’s goods and services – is selling more as spending reduces.
This information comes off as both promising and welcome news. The Census Bureau, though, disagrees, arguing that the lowered household income of the last year is still holding our country back. Their claim was expanded upon with additional information from their September 2013 population report, “Income, Poverty, and Health Insurance Coverage in the United States: 2012.”
The aforementioned report identified that, “Real median household income in 2012 was not statistically different from the 2011 median income.”
But to get a truly accurate opinion from the Census Bureau, we can only await their 2013 report, and based on the evidence provided, it’s safe to say that it could look promising. We cannot assume, though, until we have solid evidence. Our country has struggled, and is still struggling, against the rise in unemployment and lack of jobs. In the midst of these tough times, our little silver linings simply aren’t enough, and we need some real change, and not just in our pockets.
Pleas for new jobs have only fallen flat over the years, and we don’t just need guidance into the future, we need action. We, as the citizens of this great nation must find less millionaires and more achievement so we can all have a brighter future together.
