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Bluerauder
01-05-2013, 05:51 AM
The “Typical” American Family

In the run-up to the administration’s negotiations regarding the “Fiscal Cliff”, President Obama and 26 members of the White House staff visited a typical American Family on 6 December 2012. The visit was prompted by a short E-mail paragraph about how a $2,000 tax increase would devastate the family and cause them to be one month short on their rent for the year. “Heartbreaking”. The Prez wanted to demonstrate that people who were “Playing by the Rules” and “Doing Everything Right” were going to be terribly hurt if the tax rates reverted due to the inaction on the Fiscal Cliff. So far, so good.

Turns out that the White House staff didn’t do their homework very well. Seems this typical American family went over the fiscal cliff several years ago on their own without any help. See if you can draw any parallels between this family’s situation and Government spending.

The family of four is living in an illegal basement apartment and has been notified by the county that it does not meet safety code for windows in bedrooms and two exits in the event of an emergency. They face eviction. For $2,000 per month, they might have been able to find a pretty nice “legal” place.

They lost their prior $450,000 home to foreclosure last year and moved to one of the highest priced areas in the nation. How does a school teacher and a dealership car porter even consider living in a $ ½ Million home? :dunno:

They had run up $500,000 in debt on 18 credit cards, car loans, and student loans. After filing bankrupty a payment schedule was arranged where they would pay down their debt for 20 cents on the dollar. Of course, the credit companies did this out of the goodness of their heart so their $400,000 loss WILL NOT be passed on to other customers in the form of higher interest rates. :rolleyes:

Turns out that they have filed for Bankruptcy, three (3) times in the past 15 years. How the hell does anyone run up $1 Million in Debt (including the home mortgage and credit cards) with a financial history like that?

Typical American Family …. I certainly hope NOT !!! But they might be qualified to be the Secretary of the Treasury because that is EXACTLY the way the Government is managing their budget ON YOUR DIME. Living like a king while drawing blue collar pay. Must be nice work if you can get it.

“Played by the Rules” and “Did Everything Right” …… who the hell is he kidding??

Think about it !!!

loud2004marquis
01-05-2013, 06:10 AM
Think about it? I dont think that's what they want. People who think can be dangerous.

bill64
01-05-2013, 06:38 AM
wow, that is sad. people like that should pack up and move to massachusetts where they dont have to work, get free housing, food, health care,etc. I feel like a minority in this state...one who actually works!

cat in the hat
01-05-2013, 07:34 AM
They are running with the right crowd, they are all experts in "deficit spending."

J-MAN
01-05-2013, 07:47 AM
I wish this story was unbelievable. :(

MrBluGruv
01-05-2013, 07:48 AM
Honestly, I'm a little afraid that that type of family is more typical than we think. :/

Haven't most of the highest points in our economic history been accompanied by people essentially living on credit? Hopefully it means that, just as with the others in our past, we will make a positive exit from this mess we're in now?

Bluerauder
01-05-2013, 08:17 AM
Honestly, I'm a little afraid that that type of family is more typical than we think. :/

Scary ain't it. But I am afraid that you may be right. :(

Black Dynamite
01-05-2013, 10:28 AM
I'm not surprised. I've seen many people, from all walks of life, finance themselves into ruin. Hell, for my own part I racked up a lot of CC debt in college that took me nearly a decade to pay off and get wiped off my credit report. What's your source for this?

rayjay
01-05-2013, 11:57 AM
Something like that makes me ill to read. 1st, the family financially ruins its self, but worse than that the White House believes they are typical Americans. I am with Black Dynamite, I racked up CC debt when I was divorced and paying child support. My 1st goal was to pay that off when my child support obligation ended. I have not paid a dime in interest to the CC companies in years. Instead, they pay me. :D
Moral? Pay your bills, it pays you in the end.