Obama's Economy: 62% of Americans have less than $1,000 in savings and 21% have no savings at all!

Discussion in 'Politics, Religion, Social Issues' started by aaronvan, Jul 14, 2016.

  1. aaronvan Suspended

    aaronvan

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  2. hulugu macrumors 68000

    hulugu

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    #2
  3. Thomas Veil macrumors 68020

    Thomas Veil

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  4. DearthnVader macrumors regular

    DearthnVader

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    Doesn't really tell us what % of Americans had $1000 in savings before Obama took office or what % had no savings, so we don't know if these numbers are up or down.
     
  5. LIVEFRMNYC macrumors 603

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    #5
    And I bet more than 60% has about a $40,000 credit line between all their Credit Cards. AMERICA THE GREAT!!! :p
     
  6. jkcerda macrumors 6502

    jkcerda

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    #6
    it's been 8 years, guessing Hillary is inheriting Obama's mess?
     
  7. aaronvan thread starter Suspended

    aaronvan

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    #7
    Who cares about 2000? Obama is on television every day bragging one his great economy and job numbers.
     
  8. hulugu macrumors 68000

    hulugu

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    Essentially yes, Hillary is inheriting the previous administration's mess, but it's important to understand that savings are part of long-term trends and responses that can't be circumscribed from one presidential tenure to the next.

    But, it would be useful to see if the Obama administration inherited low savings rates that increased year-to-year, or did savings rates remain flat or decline?
    --- Post Merged, Jul 14, 2016 ---
    See above.
     
  9. DearthnVader macrumors regular

    DearthnVader

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    For all you know those numbers could mean a great economy, because they gave us nothing historical to base them on.
     
  10. aaronvan thread starter Suspended

    aaronvan

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    #10
    It is a great economy if you're living in Obama's fantasy bubble. Meanwhile, in the real world people are hurting which is why we have the unprecedented nomination of Trump.
     
  11. DearthnVader macrumors regular

    DearthnVader

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    I'm not denying that, however that article lacked the numbers to prove that savings rates had declined under Obama.
     
  12. blackfox macrumors 65816

    blackfox

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    #12
    Economics and Politics are intertwined, but neither is strictly deterministic on the other. Sure, the economy can be good or bad and that will affect who we vote for. Sure, politicians via laws can affect the economy. In a globalized economy though, there are just too many moving parts...and that's on the macro level. On the micro level, well, it could be a multitude of factors on top of that. Unless you equate him with big business, I fail to see how Obama is to blame here...
     
  13. DearthnVader macrumors regular

    DearthnVader

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    The Buck Stops Here.
     
  14. MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    I had those same under $1000 in savings while under Bush, so there's that.

    But really you can lay this problem at the feet of a whole lot of administrations. In the 1950's it only took one income for a family to buy a house and send their kids off to college. By the 1970's it took two. Now to be 1950's comfortable you would really need three incomes. So the problems occurred long before Obama took office and literally were decades in the making. But let's blame the guy you hate instead. :rolleyes:
     
  15. thats all folks macrumors 6502a

    thats all folks

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    #15
    all you have to do is look at just how many times Obama vetoed a minimum wage increase.
     
  16. sodapop1 Suspended

    sodapop1

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    #16
    Funny how people will take marketing propaganda from banks and try to twist it politically. I confess that I'm one of the 21% of Americans who don't even have a "savings account". I've never had one and never saw a need for one. There are much better ways to build wealth and prepare for the future than letting your money sit in some savings account at some bank earning a paltry 1% or 2% interest.
     
  17. LizKat macrumors 68040

    LizKat

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    #17
    Yeah and suddenly the interest rate was 14% and before the crash it was 7% and you had 360 months of on time payments and always used less than 10% of your credit so after the crash and this quick rate-change development, you called the bank to inquire, and they said this:

    "We raised the rates not because of anything you did but "because we can do it."

    Translation: "in case we don't get a bailout, thanks for the bailout." I promptly paid off the laptop I was thinking of let float on a card for a few months. Karma: 14% of zero is ZERO.
     
  18. mudslag macrumors regular

    mudslag

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    The data relating to before Obama very relevant. Without that data, it's impossible to say that this current information was any different then it was in the past. In fact you are the only one making this about Obama as the article doesn't even mention him. You turned this into a hit piece for the sake of it by adding Obama into the title for pure click bait purposes.
     
  19. samiwas macrumors 65816

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    #19
    Do you really not get this? If the same percentage of people had less than $1,000 in savings all along, then you couldn't blame the current administration if it's nothing new.

    From 2006: http://money.cnn.com/2006/01/24/pf/worst_savers/
    Also from 2006: http://www.nbcnews.com/id/11098797/...-savings-rate-hits-lowest-level/#.V4hLkNZ9ePs
    Looks like it's nothing new.
    --- Post Merged, Jul 14, 2016 ---
    Where the hell are you getting 1% or 2% interest on a savings account? At my bank, a major bank in the southeast, I believe it's 0.15% or something. I have quite a bit invested in numerous stocks, mutual funds, an IRA, pensions, annuities, etc, but I keep a nice savings account for money that can't be hit by market swings or for whatever might need sudden attention.
     
  20. LizKat macrumors 68040

    LizKat

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    #20
    Interesting, thank you. The piece is a bit strange, it reads like from web freelance filler-mills.

    @aaronvan that's game, set and match there, pal.
     
  21. sodapop1 Suspended

    sodapop1

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    #21
    I checked and you're correct. My bank pays about the same interest rates as yours and those figures I mentioned before were probably the rates back in the 80s when I first considered opening a savings account. I have plenty of a cushion between the cash in my checking account and individual brokerage account not to need a third account.
     
  22. aaronvan thread starter Suspended

    aaronvan

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    #22
    Obama takes credit for everything "good" about the economy. Why give him a pass on this? Besides, Americans don't blame the Treasurer of the United States when the economy blows; they blame the Prez.
     
  23. oneMadRssn Suspended

    oneMadRssn

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    #23
    Ally Bank offers 1% on savings, and just under 1% on checking. The downside is it's pretty much an online-only bank. It does refund ATM fees though. I am quite happy with it.

    Personally though, I have more debt than savings. So I prefer interest rates to be low. When that is flipped and I have no savings than debt, which isn't going to be anytime soon, then I will want high interest rates.
     
  24. vrDrew macrumors 65816

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    #24
    And we all know how good Donald Trump is at making other people rich....

    Look, there are a host of very good reasons for the US' historically low savings rates. Starting with the fact that saving money at 0.005% interest isn't, perhaps, the best investment.

    You could arguably say that a low savings rate is, in fact, a statement of confidence in both the economy as a whole and the job market in particular. Certainly its a lot easier to get a job in 2016 than it was in 2008.

    America's working poor and middle class have pretty much always been net borrowers rather than savers. This country was, quite literally, built on credit. Whether that is a good or a bad thing is a matter for students of higher economics.

    But one thing I do know: The US savings rate tends to understate the actual net worth and future income stream of working Americans. Social Security, for instance, essentially is a forced savings program that socks away between 10% and 18% of all working Americans income. In a way that isn't reflected in the savings rates of Germans and Japanese.

    Want to raise Americans savings rates? Start with a bump in the minimum wage, for one. Maybe tinker with the tax code to shelter ordinary interest income below a certain level from income tax.

    But we'll have to see how the Republican Congress feels about that. Mainly their Tea Party caucus. Who are constantly warning us they'll start an armed rebellion to protect the carried interest tax loophole for billionaire Hedge Fund Managers.
     
  25. mudslag macrumors regular

    mudslag

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    #25

    Again you're the one blaming Obama for the actions of the individuals of this country. The article in no way links any of this to Obama or even the office of the President or Fed gov.

    Why Joe Blow didn't setup a savings account and/or manage to keep X dollars in it does not equate that it's an economy issue. There are thousands of reasons why someone hasn't started or doesn't have enough in their savings accounts, almost all of which can be linked to personal reasons. It's not the job of the gov to force people to open or have savings accounts. If people would rather spend money that should go into a savings account on their latte or Netflix or any million other reasons, that's on the individual then the POTUS. In fact the article even includes the following....


    That alone suggests that people are aware of their bad choices but are willing to do little about it until it's to late.
     

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