More Americans fall behind on debts
The rate of late payments, including on home equity loans, is the highest since 2001, a bankers' group says.
http://www.latimes.com/business/la-fi-debt4jul04,1,5856807.story?coll=la-headlines-business&ctrack=1&cset=true
I understand that corporate profits are great and CEO's are doing great. But corporate earnings are starting to decelerate
and the dollar is tanking. Yet the economy is the best we have had in our history tanks to the Bushmans tax cuts. Maybe it was people taking money out of their houses afterall.
2007-07-05 13:35:36 · 10 answers · asked by JF 3 in Politics & Government ➔ Government
Speak for yourself, I'm doing great. My income is up, my taxes are down.
I have my eye on another investment property. Things are looking up.
2007-07-05 13:40:18 · answer #1 · answered by Anonymous · 0⤊ 2⤋
In 2006, the top 300,000 wage earners in America (2/10th of 1 percent of the total population) collectively earned MORE than the bottom 150,000,000 (50% of the total population). The economy's great if you're a part of those on the top of the hill!
If you're just a "working stiff", you have to make choices: buy gasoline or make the mortgage payment. You can't do both! -RKO- 07/05/07
2007-07-05 20:45:17 · answer #2 · answered by -RKO- 7 · 1⤊ 0⤋
The economy is only doing great if you have large sums of money stashed away in corporate earnings and the market or if you are in the top 5 or 10% of earners. 'We' are not doing well because of the cheney bush regime tax cuts for the top few % of the population. They got tens of thousands to hundereds of thousands of $'s per year .... the rest of us got about $300..... and a national debt that is owed mostly to communist China that will take many decades to pay off ... your grandchildren will still be paying on it.
2007-07-05 20:50:43 · answer #3 · answered by cat38skip 6 · 1⤊ 0⤋
the simple fact is... the top 10-15 percent control the VAST MAJORITY of the money in the U.S.... so if the economy is great, they are doing great... if it's not they are only making millions and not billions...
the overall state of the economy often has little to do with the majority of people in the U.S. (middle class average Joes) since they don't have the majority of the money...
some effects of a good economy can trickle down in the right situations... but not always and it really depends on the situation...
Republicans clearly only care about how they are doing and have virtually NO concern for the majority of America... their answers on here show clearly enough...
2007-07-05 20:40:50 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Because the economy is not doing great at all. The only people who are doing great are, as you say the rich and the high level employees of large corporations. *sm*
2007-07-05 20:41:42 · answer #5 · answered by LadyZania 7 · 0⤊ 0⤋
Because of the boom in bad loans. As for employment, it is the highest in history, and unemployment the lowest. So, the bottom line is that your bottom line conclusion is spot on.
2007-07-05 20:38:51 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Because too many lending institutions made too many loans to too many people who were poor risks.
2007-07-05 20:52:53 · answer #7 · answered by yupchagee 7 · 0⤊ 0⤋
Because they purchase more than they earn. It doesn't matter what you earn if you are willing to spend more.
2007-07-05 20:40:14 · answer #8 · answered by desotobrave 6 · 0⤊ 0⤋
you can't blame the economy for folks who borrow when they cannot pay back...it is called personal responsibility
2007-07-05 22:16:04 · answer #9 · answered by Anonymous · 0⤊ 0⤋
another frustrated lib looser.
2007-07-05 20:40:23 · answer #10 · answered by avenger 3 · 1⤊ 1⤋