A major survey released by the think tank Demos provides some important new insights on how average American families are using credit cards.
The implication is hard to escape: many middle- and low-income American families are using consumer credit as a way to weather fluctuations in their finances.
Americans owe $800 billion in credit card debt, more than triple the amount from 1989, and a 31 percent increase from five years ago, according to a recent report, "The Plastic Safety Net," by the Center for Responsible Lending, and Demos, a research group based in New York.
The study found that a third of low- and middle-income American households used credit cards for basic expenses - rent, groceries and utilities - in any 4 of the last 12 months.
Those with the worst credit card debt were people ages 50 to 64, who owed $9,124
A fraudulent appraisal "can lead homeowners to borrow more money than their homes are worth, putting themselves at risk of being 'upside down' in a home -- e.g. not being able to sell for a high enough price to pay off their mortgage," according to a briefing paper on appraisal fraud put out by Demos, a New York-based think tank.
Draut argues that "with the possible exception of having a larger array of entertainment and other goods to purchase, members of Generation X appear to be worse off by every measure" than prior generations.
Robert Frank, an economist at Cornell University, for instance, found that in counties with the widest income gaps, rates of personal bankruptcy and divorce rates were higher than average.
Today's 20-somethings are likely to be the first generation to not be better off than their parents." This is the first line of Economic State of Young America, a report released by Demos, a nonpartisan public policy think tank in New York City. And that's a troubling thesis for a generation that grew up being told they can do and be anything.
Demos’ new briefing book, Everyone’s Economy, offers an economic agenda that will enable all of us to thrive. Women’s History Month is an opportunity to dig into the ways that a race-conscious, populist economic agenda must elevate women. Over the next 2 weeks, Demos will share a series of blog posts that explore different ways that policy can impact women’s economic opportunity and stability. Today we look at why reproductive justice is vital to women’s economic well-being.
For those who believe Black people are already equal with white people, any policy that seeks to address anti-Black discrimination looks like an attempt to give Blacks an advantage.
Many Americans believe that we have achieved black-white racial economic equality, but the data continue to show that we have a long way to go. For centuries, we have had policies to help white families build wealth at the expense of black families.
While the attention of Connecticut's legislature has been occupied by the recent budget battles, an even larger crisis has been brewing: retirement security.
For going on 14 years, the Florida Republican Party has fiddled and belittled the middle class. It isn't an act of God that's destroying the American Dream; it's petty, self-serving, greedy acts of Man, justified by a perversion of capitalism that's the equivalent of economic rape. Relentlessly, a political, ideological mind-set has been robbing generations of their "pursuit of happiness."
This is the fourth interview in the Black History Month series "Perspectives on Black Politics in the Age of Obama." It has been selectively edited for print, but the full audio will be available at wbai.org. The other interviews can be found at demos.org/rakim-brooks.
The young participants in Shake-A-Leg Miami’s Saturday program — mostly kids with physical and developmental challenges — arrive at the aquatic facility in Coconut Grove around noon each week to find some 30 students from MAST Academy waiting for them. Those high school volunteers come to organize kayak rides, basketball games and lunch. Yes, the Shake-a-Leg participants benefit tremendously. But those who gain the most are perhaps the volunteers, themselves.
Lucky enough to attend college, I sat in a first-year seminar meant to expose students to a variety of both subject matter and viewpoints. To this day I tell people about two books from that course that changed my life. One of those books was the very first overtly feminist book I ever read, Arlie Hochschild’s The Second Shift. This book transformed how I talked about the world and, thus, how I perceived it and engaged it. I became a feminist because caring was a kind of work which was ubiquitous, undervalued, and gendered and, as such, a matter of justice.
