Tuesday, July 29, 2014
According to a study released Tuesday by the Urban Institute, more than 35% of Americans have debts and unpaid bills that have been reported to collection agencies..
Now here's a more interesting statistic as to why the government never Ever seems to put any policies or laws into place which protect debtors or alleviate their suffering in any way..
According to a separate study published this year by the Fed's Philadelphia bank branch, the collections industry employs 140,000 workers who recover $50 billion each year.
Let's use very basic math..
140,000 people with minimal education who are not collecting unemployment multiplied by an average salary of $22,000 on average equals...
$3.08 billion in tax revenue.
Since $22k annually falls within the 15% tax bracket, this means that annually the Federal government can collect $462 million off those 140,000 workers
So what possible incentive would the government have to help those who can't pay their bills and are at risk of repossession, eviction and/or foreclosure??
Plus there's so much money to be made off a bankruptcy by attorneys, judges, sheriffs who serve notices, the repo business, etc..
As we said before, the System is designed to benefit every step of one's upward financial mobility and to profit from every step downward to the economic bottom..
And that's what keeps the economic plates spinning..
Every individual is figured to incur continual non-stop debt, and even if one is able to get fully free of the tentacles and pay the auto loans and student loans, and first and second mortgage and have enough to enjoy life while paying the full balance on a credit card...
Well, there's always that next generation to suck blood from
There is a specific type of individual we at A&G admire most because he/she is so rare nowadays..
Its the person, usually a legal immigrant who works non-stop.. two to three jobs... 7 days a week, 365 days a year practically..
Just keeps hustling.. Keeps grinding..
Its to save.. Furiously save, save, save..
And when their children are of age and ready to attend college, he or she pays 100% of it and never even thinks of having their most-precious incur student loan debt..
The pride and satisfaction of knowing their children have degrees (in many instances the first generation to do so) makes all the hard toil worthwhile..
Its all about a selfless devotion to the next generation..
Now the focus is.. "I work hard, its my money and I'm having fun"
We read the other day that actor Philip Seymour Hoffman possessed a net worth of $35 million at the time of his death..
And he left it to his girlfriend rather than his kids..
And here we thought he was Pathetic solely because the man was a black tar heroin addict..
Some people believe we're all meant to work n' work n' work till we're old and grey then die
And no matter how much money is saved and how impossible it is to take any of it to an afterlife, the next generation must also work n' work n' work n' work till they drop over and die too..
As this economy gets worse n' worse, it is those young people who will have the greatest chance of a good life because you can not ever get ahead when you have perpetual debt and never-ending dependence on a paycheck keeping you from progressing forward
So we salute and deeply respect the unselfishness of the immigrant; the first-generation American
Posted by Susquehanna at Tuesday, July 29, 2014