72% of Americans live paycheck to paycheck

[CosmicCowboy]

http://www.prnewswire.com/news-relea...103297369.html

Majority of Americans Live Paycheck to Paycheck

SAN ANTONIO, Sept. 20 /PRNewswire/ -- More than two-thirds of Americans live paycheck to paycheck, according to results released today from a survey by the American Payroll Association.
The "Getting Paid In America" annual survey asked respondents how difficult it would be to meet their current financial obligations if their paychecks were delayed for a week. More than 22,500 of the more than 31,000 respondents, 72 percent, said they would find it somewhat or very difficult to meet their financial obligations if their paychecks were delayed. This is up one percent over the 2009 result of 71 percent.
"This result reinforces the notion that Americans are still struggling in this current economy," said Dan Maddux, executive director of the American Payroll Association. "Employees should use free payroll-related benefits such as direct deposit, 401(k) plans and Flexible Spending Accounts to ease savings, reduce tax burden and maximize paychecks."
Thankfully people feel confident that their paycheck will always be accurate. The survey showed 89 percent of Americans are very or somewhat certain the amount of their paychecks is correct each payday.
Increasingly complex tax laws and benefit structures make paycheck calculation a challenging task. The high percentage of employees satisfied with their paycheck accuracy is a testament to the payroll professionals who calculate paychecks each pay period.
"Automated technology solutions make managing payroll easier to ensure checks are accurate and get out on time," said Joyce O'Donnell Maroney, managing director, Workforce Ins ute, Kronos Incorporated.
The "Getting Paid In America" survey was held in conjunction with APA's annual public awareness campaign, National Payroll Week (NPW), held annually the week of Labor Day. More than 31,000 employees responded to the survey, providing insight into how workers are paid in America. For complete results, visit www.nationalpayrollweek.com.
Established in 1982, the American Payroll Association is the nation's leader in payroll education, publications, and training. The nonprofit association conducts more than 300 payroll training conferences and seminars across the country each year and publishes a complete library of resource texts and newsletters. Every year, nearly 20,000 professionals attend APA training sessions. Representing more than 23,000 members, APA is the industry's highly respected and collective voice in Washington, D.C. Visit APA online at www.americanpayroll.org.

[RandomGuy]

Child hunger as seen at Wal-Mart

Why would somebody buy baby formula at midnight?

Bill Simon, the head of Wal-Mart's U.S. operations, answered this question in a talk last week.

And you need not go further than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m., customers start to come in and shop, fill their grocery basket with basic items, baby formula, milk, bread, eggs, and continue to shop and mill about the store until midnight, when ... government electronic benefits cards get activated and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher.

And if you really think about it, the only reason somebody gets out in the middle of the night and buys baby formula is that they need it, and they've been waiting for it. Otherwise, we are open 24 hours — come at 5 a.m., come at 7 a.m., come at 10 a.m. But if you are there at midnight, you are there for a reason.

What Wal-Mart calls the "paycheck cycle" has recently been "extreme," Simon said, with lots of shoppers at the beginning of the month and fewer at the end.

Wal-Mart is also seeing an "ever-increasing amount of transactions being paid for with government assistance," he said.

This is what a rising poverty rate looks like.

Here's the full transcript of Simon's talk, which he gave at last week's Goldman Sachs Retail Conference. Hat tip: WSJ

http://www.npr.org/blogs/money/2010/...t-child-hunger

[TeyshaBlue]

Child hunger as seen at Wal-Mart

Why would somebody buy baby formula at midnight?

Bill Simon, the head of Wal-Mart's U.S. operations, answered this question in a talk last week.

And you need not go further than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m., customers start to come in and shop, fill their grocery basket with basic items, baby formula, milk, bread, eggs, and continue to shop and mill about the store until midnight, when ... government electronic benefits cards get activated and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher.

And if you really think about it, the only reason somebody gets out in the middle of the night and buys baby formula is that they need it, and they've been waiting for it. Otherwise, we are open 24 hours — come at 5 a.m., come at 7 a.m., come at 10 a.m. But if you are there at midnight, you are there for a reason.

What Wal-Mart calls the "paycheck cycle" has recently been "extreme," Simon said, with lots of shoppers at the beginning of the month and fewer at the end.

Wal-Mart is also seeing an "ever-increasing amount of transactions being paid for with government assistance," he said.

This is what a rising poverty rate looks like.

Here's the full transcript of Simon's talk, which he gave at last week's Goldman Sachs Retail Conference. Hat tip: WSJ

http://www.npr.org/blogs/money/2010/...t-child-hunger

Holy Carp. That's some interesting analysis from Wal Mart. I'd never considered the effect seen like this.

[DMX7]

I heard Wal-Marts in one major metro area told their employees that if they wanted health insurance they should just go on Medicaid.

[boutons_deux]

At least The Greatest Empire In The History of the Universe has its kick-ass, suicidal, 5-star, gold-plated military and the financial sector to see us through.

[Crookshanks]

It's the same way on military bases. The commissary is always way, way more crowded on paydays than on other days of the month. When I was a military wife, we'd go the day before and write a check because we knew it wouldn't hit the bank for a couple of days. But it was not unusual to stand in line for 30 minutes to check out!

[DMX7]

But... But....But... If Wal-Mart has to pay for its emlpoyees' health insurance, I won't be able to save 10 cents on a pair of socks from there. You see, it's a fair tradeoff.

[MannyIsGod]

Meanwhile, the top few percent in this country are doing just fine aren't they? Call it populism, call it wealth redistribution, call it whatever you want but if this trend holds up we won't live in a peaceful society.

[rjv]

Meanwhile, the top few percent in this country are doing just fine aren't they? Call it populism, call it wealth redistribution, call it whatever you want but if this trend holds up we won't live in a peaceful society.

what does this mean ?

[coyotes_geek]

Unless you believe that 72% of Americans live in poverty isn't the bigger issue here how many people with the means to provide some kind of financial security for themselves choose not to?

[MannyIsGod]

what does this mean ?

It means that large amounts of people living in poverty tend to breed a lot of discontent. I could just be talking out of my ass here, but I'm fairly certain a fairly large percentage of human violence in the past is based upon trouble between the haves and have nots.

[coyotes_geek]

But... But....But... If Wal-Mart has to pay for its emlpoyees' health insurance, I won't be able to save 10 cents on a pair of socks from there. You see, it's a fair tradeoff.

I'm sure all those poor people buying baby formula at midnight would be glad to fund health insurance for walmart employees.

[MannyIsGod]

72% of Americans aren't in poverty (yet). However, I can imagine scenarios where that could happen in the not too distant future.

[DarrinS]

It means that large amounts of people living in poverty tend to breed a lot of discontent. I could just be talking out of my ass here, but I'm fairly certain a fairly large percentage of human violence in the past is based upon trouble between the haves and have nots.

Par for the course.

[DarrinS]

72% of Americans aren't in poverty (yet). However, I can imagine scenarios where that could happen in the not too distant future.

Call me optimistic, but I don't see that happening.


And by the abundance of impoverished fat asses I see all the time, I really can't invision a violent uprising because the "have nots" are starving.

[Sportcamper]

Can anyone answer what the top 3% is income wise?
Is 50k middle class? 100k top 15% and over 200k top 3%
Who exactly are the have & have nots?

[MannyIsGod]

Par for the course.

Oh snap, DarrinBot received some witty code to his script overnight.

[DMX7]

I'm sure all those poor people buying baby formula at midnight would be glad to fund health insurance for walmart employees.

Yeah, especially if THEY ARE Wal-Mart emlpoyees, lol.

[DarrinS]

I work for a wealthy person and I'm glad he's wealthy (for obvious reasons).

[rjv]

It means that large amounts of people living in poverty tend to breed a lot of discontent. I could just be talking out of my ass here, but I'm fairly certain a fairly large percentage of human violence in the past is based upon trouble between the haves and have nots.

true, but there is no chance for anything close to a bloody revolution here as the powerful control the military. if anything, the masses would spend more time killing one another.

[MaNuMaNiAc]

72% of Americans aren't in poverty (yet). However, I can imagine scenarios where that could happen in the not too distant future.

dude, come on. What's the poverty rate in the US right now? 13%, 14%? and that's after the recent economic storm the world went through. What exactly do you think would have to happen for the poverty rate to sky rocket to 70%?

, even with all the crap Argentina has been through, coupled with the amount of corruption we have down here, I don't think we've even reached 50% poverty rate.

, 70% poverty rate is Chavez's Venezuela territory. Think about it.

Plus, nothing good has ever come out of anything done under the guise of "wealth redistribution".

[MannyIsGod]

How can you say nothing good has ever come from wealth redistribution? European history would like a word with you..

Also, in 2008 we were pretty ing close to an economic collapse. CC just posted figures showing you that 3/4ths of this country is 2 weeks from the poverty level. 2 weeks. ONE paycheck.

Let that soak in. 2 weeks buffer zone.

[MannyIsGod]

true, but there is no chance for anything close to a bloody revolution here as the powerful control the military. if anything, the masses would spend more time killing one another.

Well, I don't know about you, but I don't live in a fortified mansion with a personal army. If the hits the fan and who do you think is more at danger: Bill gates or you and me?

[DarrinS]

How can you say nothing good has ever come from wealth redistribution? European history would like a word with you..

Also, in 2008 we were pretty ing close to an economic collapse. CC just posted figures showing you that 3/4ths of this country is 2 weeks from the poverty level. 2 weeks. ONE paycheck.

Let that soak in. 2 weeks buffer zone.

[MannyIsGod]

I work for a wealthy person and I'm glad he's wealthy (for obvious reasons).

Darrinbot at work with the old code now. Disappointing.