21 Ways To End The Phrase "Americans Are So Broke..."

Tyler Durden's picture

Submitted by Michael Snyder of The Economic Collapse blog,

Did you know that 77 million Americans have unpaid debts that are "in collections" and that Congress is actually thinking about letting post offices offer payday loans?  We live in a country where almost everyone is drowning in debt and where most people are either flat broke or very close to flat broke.  Years ago, "your Mama is so broke" jokes were all the rage, and at the rate we are going they could make a big comeback.  Some of my favorites were "your Mama is so broke she went to McDonald's and put a milkshake on layaway" and "your Mama is so broke your family ate cereal with a fork to save milk".  Unfortunately, the facts that I am about to share with you are not funny at all.  In fact, they are quite sobering.  Yes, things are going fairly well for the elitists that live in the good areas of New York City, Washington D.C. and San Francisco right now, but most of the country is deeply struggling as our economic fundamentals continue to crumble.

Please share these numbers with as many people as you can, because we need people to understand that there has not been an "economic recovery" for most of America.  In fact, in many ways things just continue to get even worse.  The following are 21 ways to end the phrase "Americans are so broke"...

1. Americans are so broke that about a third of them have debt collectors on their heels.  One recent study discovered that more than one out of every three adults in the United States has an unpaid debt that is "in collections".  That is a total of 77 million people.  In other words, the debt collection business in America is absolutely booming.

2. Americans are so broke that Congress is now actually considering allowing post offices to provide payday loans and check cashing services.

3. Americans are so broke that they are keeping their vehicles longer than ever.  The average age of vehicles on America’s roads recently set a new all-time high of 11.4 years.

4. Americans are so broke that car dealers are having to go to extreme lengths to get new customers.  Last year, one out of every four auto loans in the United States was made to someone with subprime credit.

5. Americans are so broke that 52 percent of them cannot even afford the homes that they are living in right now.

6. Americans are so broke that they are falling farther behind on their student loans than ever.  The total amount of student loan debt in the U.S. has now reached a whopping 1.2 trillion dollars, and approximately seven million Americans are in default on their student loans at this point.

7. Young Americans are so broke that half of all college graduates are still relying on their parents financially when they are two years out of school.

8. Young Americans are so broke that only 36 percent of American adults under the age of 35 currently own a home.  That is the lowest level that has ever been recorded.

9. Americans are so broke that many of them can't even afford to shop at Wal-Mart and dollar stores anymore...

Discount stores are slowly dying.

 

Yesterday, Dollar Tree announced it would buy Family Dollar, a chain that is in the process of closing hundreds of stores and firing workers.

 

Other discount stores have been struggling as well, writes Heidi Moore at The Guardian. Fashion discounter Loehmann's filed for bankruptcy, while Wal-Mart's sales have declined for the past five quarters.

 

"There’s just not enough money deployed by American families to keep all the discount chains in business," Moore writes.

10. Americans are so broke that they are running up record levels of debt.  Overall, U.S. households are 11.68 trillion dollars in debt right now.

11. Americans are so broke that the wealth of the "typical American household" has fallen by 36 percent over the past decade.

12. Americans are so broke that one out of every four part-time workers in America is living below the poverty line.

13. Americans are so broke that more than 37 million Americans are now being served by food pantries and soup kitchens.

14. Americans are so broke that there are 49 million Americans that are dealing with food insecurity.

15. Americans are so broke that the number of people on food stamps has increased by about 14 million while Obama has been in the White House.  Ten years ago, the number of women in the U.S. that had jobs outnumbered the number of women in the U.S. on food stamps by more than a 2 to 1 margin.  But now the number of women in the U.S. on food stamps actually exceeds the number of women that have jobs.

16. Americans are so broke that the U.S. government has had to spend an astounding 3.7 trillion dollars on welfare programs over the past five years.

17. Americans are so broke that more than 20 percent of all children in the U.S. are living in poverty.

18. Americans are so broke that we have a record number of kids sleeping in the streets.  In fact, we have more than a million public school children that are homeless at this point.

19. Americans are so broke that 76 percent of all Americans are living paycheck to paycheck.

20. Americans are so broke that 26 percent of Americans have absolutely no emergency savings whatsoever.

21. Americans are so broke that approximately two-thirds of all Americans do not have enough money saved up to cover six months of expenses if an emergency arose.

If things are this bad now, during the so-called "economic recovery", how bad will things get during the next major economic downturn?

Unfortunately, most Americans have been lulled into a false sense of security.  The financial crisis of 2008 seems like ancient history to most of them now, and most people appear to believe that our leaders have "fixed" whatever was wrong the last time.

Of course that is not the case at all.  In fact, our long-term problems have just continued to grow since then.

The truth is that what we are experiencing right now is about as good as things are going to get for the U.S. economy.  When the next crisis arrives, all of the numbers in the list above are going to rapidly get a lot worse.

So enjoy the rest of this "bubble" while you still can.  It certainly will not last for too much longer.

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gh0atrider's picture

Americans are so broke because they are the slowest Bitcoin adopters.

AlaricBalth's picture

Americans are so poor that we have to get second mortgages on our cardboard boxes.

Latina Lover's picture

or third mortgages on our trailer homes.

Latina Lover's picture

or fourth mortgages on our dog houses. Poor Fido thought he would finally have his own space, instead of sharing it with his human companions, LOL.

Latina Lover's picture

Americans are so broke they have to threaten Russia to distract the sheeple from their own shitty, pathetic lives.

wallstreetaposteriori's picture

Americans are so broke they listen to douschbag Canadians like foneystar about shitcoin.

Rentier88's picture

Who's broke?  Zero debt here...

Aaaarghh's picture

Americans are so broke, but the bastards are still richer than us brits! ;)

COSMOS's picture

Americans are so broke the number of dual citizen passport applications is skyrocketing

Americans are so broke the megayachts have the engines on idle and stocked for a years worth of supplies and diesel.

Americans are so broke they are tripling the military aid to Israel

They are so broke they cant afford the medical insurance, and car insurance, and homeowner's insurance, and life insurance, well basically we cant afford paying money to worthless insurance.

Richard Chesler's picture

Americans are so broke they actually believe in hope and change.

 

The Alarmist's picture

Americans are so broke that they are living in hope for change.

 

BTW, don't knock payday loans ... it's a very high margin business.

Cliff Claven Cheers's picture

Americans are so fat ..... oh wrong thread.

Bad Attitude's picture

Americans are so broke they can afford to invite millions of unskilled illiterate illegal aliens into the country to further strain our social and welfare systems.

Forward (over the cliff)!

Dugald's picture

Americans are so broke, but the bastards are still richer than us brits!

Never mind just lay back and think of that famous polly who told you....YOU have never had it so good

 

The Alarmist's picture

Well, at least those of you who have pensions have pensions that are inflation indexed.

max2205's picture

So broke they suck govt dick

Lore's picture

Fonestar can't be Canuck. He's an obnoxious jerk. Canadians are polite.

neidermeyer's picture

Lore , I once worked phone support for a printer company ... a solid 50% of my inbound calls were Canucks trying to scam "free" replacement ink out of us...

Lore's picture

Interesting. As a troubleshooter, I would want to know who told them to call and work from there to find the source of the abuse. Competitors?

buzzsaw99's picture

fonestar's mama so broke she live in his basement. dah dump dump!

crazzziecanuck's picture

21 examples of how it's Putin's fault...

Aaaarghh's picture

via youtube and other trusted sources

AlaricBalth's picture

Americans used to have front door mats that said "welcome". Now they say "welfare".

cowdiddly's picture

Americzan's are so broke their backs are against the wall. Now the bank wants to foreclose on the wall.

Mike Ochisbent's picture

Americans are so broke that Family Dollar has started a layaway program.

Lost My Shorts's picture

Americans are so broke, rents in Seattle have collapsed to all time lows, and property managers practically kiss your feet if you have money to pay.  What?  No?? Damn, who didn't get the memo.

Herd Redirection Committee's picture

If your business depends on the continuing 'prosperity' of the middle class, good luck to you.

If you tailor to oligarchs and rich criminals, boy are you in luck!

RafterManFMJ's picture

This list is pretty sobering but in reality the implementation of ObamaKare and the addition of 30 million third world diseased peasants with an average 5th grade education should have us right as rain in no time.

Say, I wonder if that black professional player of sports is still apologizing for his latest 'mistake?'

Someday a real rain will come and wash all this scum off the streets...

cossack55's picture

"A hard rains gonna fall"

               Bob Dylan (the 1974 Bangladesh rendition is the best, IMHO)

Me.Grimlock's picture

+1 for Taxi Driver reference.

TeethVillage88s's picture

Did you get your Obama Guide Book?

He explains a couple things about third world people.

I can't find the book right now, but:

- We will change a little in the USA as our cultural make-up changes
- In the Third World you have Shanty Towns, Favelas, and Squatters
- Sometimes laws are changed to support the Squatter's rights if you leave your property un-attended, or vacant regardless of if it was just a lot, home, or apartment.
- And then after you have squatter's rights, the Property Title Search becomes unclear.

Latina Lover's picture

Americans are so broke that they cannot afford a fence on the Mexican border to keep out the illegals.... oops I forgot that Obama wants to destroy the social cohesion of the US to introduce the USSA.

Croesus's picture

Americans are so broke that they're like John Wayne's toilet paper - rough, tough, and won't take FRN's (shit) off-of anyone. 

The Alarmist's picture

Americans are so broke, they have to import cheap south- and central-American labourers to build the wall to keep the cheap labour from the south out.

Ms. Erable's picture

Americans are so broke that they've fired Pedro and are doing their own gardening and landscaping.

RafterManFMJ's picture

Americans are so broke Israel only got a tripling of aid instead of the customary sextuple.

Lore's picture

Nope. Lardasses can't be bothered to do yardwork anymore.  It's to save the planet, don'tcha know.

Eco-Tyranny: How the Left's Green Agenda Will Destroy America

I have been inside quite a few homes as part of my work, and submit that a lot of people would be better off in a zoo. It is truly disgusting, how many seem to lack basic life skills even for going to the bathroom and cleaning themselves, much less taking care of their yards. Wild animals do a better job of cleaning around their nests and dens. The market for stack-em-and-pack-em yard-free apartments will continue to benefit from the increasing uselessness and laziness of the American lardass.

zuuma's picture

True Dat, Lore. A lot of people would be better off in:

Orphanages

Asylums

Workhouses

Prisons

Poor Farms

 

All these things ridiculed by Dickens a 170 years ago as abominations. And yet... So many people who live on free shit would actually have better, healthier lives in those institutions.

Imagine the re-introduction of the "Treadmill" from jolly old England, circa 1825.

put the useless, stupid, able-bodied, sexually overactive youth who otherwise cannot assimilate on a big treadmill. Hook it up to a generator so at least we get some value from them.

Instead of just converting air into CO2 and free food into shit, they would be doing that PLUS producing electrical power for the grid. All voluntary, of course.

(if you don't work, you dont eat)

Make the food KFC  & put ups creens of the Kardashians for their comfort.

 

Our ancestors were onto something.

Lore's picture

That's warped. You're reading Glenn Beck's book? I'm not statist. I regard decency as a lifestyle choice in keeping with the Golden Rule. A better world comes from treating yourself and others better, trying hard to understand different views, and taking power away from psychopaths.

Cliff Claven Cheers's picture

If you wipe your bum with your bare hand but consider bacon to be unclean ... You may be a Muslim.

Four chan's picture

Americans are so broke because they trade their lives for worthless debt aka fed bux.

Charles Nelson Reilly's picture

back to back awful opening posts... doesn't happen to often here on the Hedge.  

AlaricBalth's picture

Who does that "first" crap anymore? So juvenile!!!

Quus Ant's picture

C'mon.  We're posting under the headline "Americans are so broke...."

The tone was set.

Tall Tom's picture

Americans are so broke that the currency which they spend is just someone else's debt.

SILVERGEDDON's picture

Fuck the Shitcoin. 

Americans are so poor, they have to jerk off the dog to feed the cat.  

mt paul's picture

amerika is so broke

Israel is send them foreign aid ..