Listen Now: A New Poverty
America is one of the richest countries in the world; so why is it so poor?
Recently an article on the website Eudamonia explored how America is creating a whole new type of poverty. According to the article the average annual income for Americans is about $60,000. However, that same American wouldn’t be able to scrounge together five hundred dollars in case of emergency.
They also have a tough time paying for basic necessities such as food, shelter and healthcare. So in order to survive, Americans have to borrow money and rack up debt just to maintain a decent quality of life. This living on the edge and being one step from financial ruin is the type of poverty we are moving towards.
According to the article there are two components, massive inflation for basic needs and the risks associated with borrowing money. Plus our quality of life is lower than other countries because we don’t have much left over to enjoy.
So the number of people leaving America to enjoy their golden years overseas is growing. Better update that passport.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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