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July 8th, 2010

How Can a Young Person Live on Their Salary in the Terrible Obama Economy?

Let’s say a young person makes $15 dollars an hour, if they can even make that much. That’s 40 hours a week for $600. Because they are single they pay high income tax and have almost no deductions. After taxes and paying part of their healthcare they take home about $450. That’s if they even get healthcare coverage. That comes to $1800 a month of income to pay their bills and live.

The money will soon be spent. For rent, take off $1000 a month, they are down to $800. Car lease of $300 so it’s $500 left. Car insurance of $200 a month leaving them with $300. The money is going fast so better to buy some food at the grocery store of $50 a week, for $200 a month. Hope the person isn’t a big eater. Now for the last $100 left for everything else. Need to drive the car to work, so need gas and tolls for $100 a month. That’s it, money gone!

What? Money gone already? This young person will not have money for clothes so he/she will go naked. Trendy clothes, designer clothes to look good or to dress well for work? No money for that. How about young women that value dressing well, jewelry, makeup, those designer shoes or purse? No money for any of it.

Will a young person work and stay home every night? Not normally. A beer with friends, going to a restaurant, cafe for coffee. Nope, no money, already broke. How about going to a movie? Don’t all young people go to movies at $10 or even $15 a ticket? No money. Forget the popcorn, or a soda or candy. Take a date to the movie and a low priced restaurant like Friday’s, for a cost of at least $50 for this cheap date; forget it, you’re broke. No money for nice clothes for going out so it won’t make a difference anyway. Oh, and forget that haircut, no money. Styling your hair isn’t possible. Some guys wouldn’t care how long their hair grows, but young women may not feel great with bad hair all the time. Did we mention shampoo and soap and other necessities? Money is long gone for those necessities. Maybe they can hit up their parents for some toilet paper or borrow some from a friend.

That $1000 for rent has to include all utility bills or did we forget that? Cable TV and internet connection better be part of the $1000 figured or there is no money for it. No premium channels of course. Where will the computer come from anyway? The old one used back in school is long gone or about done. Certainly need a cell phone. Now that is a necessity! IPhone with the extras to text friends, where does the money come from? Remember the money is gone. But need a cell phone.

Certainly a young person should have some money to buy a house. The nothing down mortgages didn’t work out so well. Put away that extra $200 a month with interest included will give a young person a sum of $30,000 for a small down payment on a house after ten years of saving! But the money is gone. Save money? How will they save when there isn’t enough money to get by day to day, month to month?

Shouldn’t a young person get married and have children? No money for dating, so it’s a little complicated. How much would be needed for a marriage? Maybe their parents will pay for a wedding but there is expense for sure. Don’t you think so? Children cost money. They eat, need healthcare, clothing, and that’s just the beginning of shelling out money for children. More than one child, a few, multiply the expense. Where will all the money come from?

Now we can see why two parents working is the new normal. Years past a father worked and the mother raised the children. Now, dump off the kids to a government run child care or school. Pay for day care or school? Are you serious? Pay for more healthcare for a family insurance plan? There are a lot of bills for children before buying any luxury like music lessons, movies, candy, a toy, or going on a family vacation. Did we mention a vacation? No money for that. No money for much of anything.

No wonder so many young people are still living with the parents and no thought of raising a family. The American dream of family with a home with a picket fence, dog, and all the things people have come to expect are out of the reach of many young people. That’s if they can even find a job in Obama nation. Unemployment is high and wages are going down if you count inflation. Some say that the weak economy may mean a lost decade of growth. What we will have in America is a lost families, a lost generation.

Posted by admin in Economics, General, politics

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This entry was posted on Thursday, July 8th, 2010 at 8:14 pm and is filed under Economics, General, politics. You can follow any responses to this entry through the comments RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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