patrick.net

Can American Consumers Survive Another Economic Downturn? - Customers worry about economy but are saving less in an on-demand world.

PurePoint Financial’s second “State of Savings in America” survey points to financial trends impacting American consumers in 2019. Among key findings, one-fourth of American consumers are choosing convenience over savings with on-demand applications expected to increase this trend.

Freedom from the stress of money is top of mind for American consumers when dreaming about their future (59%), but many don’t have ongoing savings habits that will prepare them for long-term financial success or protect against a potential financial crisis in the future, according to new research from PurePoint Financial, a hybrid digital bank and division of MUFG Union Bank, N.A.

According to the “State of Savings in America” survey, savings balances are down 35% and 88% of Americans are concerned about another economic downturn, and for good reason; 83% of those impacted by the Great Recession are still recovering.

Economists around the world are predicting another market slump, but the research found that 80% of Americans are not very confident they could survive another recession or market downturn in the near future. The reason: six in 10 of those who are not confident are still living paycheck to paycheck.

While nearly half (44%) of respondents impacted by the Great Recession have cited keeping a closer eye on their finances since the recession, one in seven have admitted they haven’t changed their savings behaviors since being impacted.

Confidence Up, Habits Down

Respondents report feeling less anxious about the job market, political environment and other external factors than in 2017. However, consumers are saving less, have worse savings habits and nearly half don’t feel proud of how much they’ve saved. In fact, fewer Americans are disciplined, habitual savers. Forty-one percent of respondents are saving via direct deposit, down 6% points from 2017. Even more so, crash diet saving is a popular tactic, with half of Millennials categorizing themselves as aggressive short-term savers.

Surprisingly, more consumers are taking savings into their own hands, with 16% of respondents reporting hiding cash around their homes, compared to 12% in 2017. Some 73% of respondents are not actively looking for the best rates or places to save the money they are putting aside, possibly leaving money on the table. As a result, respondents reported a decline in median savings balances, down to $1,500 in 2018 compared to $2,300 in 2017.

According to the Federal Reserve, there is more than $9 trillion sitting in accounts earning less than .09 basis points. PurePoint experts recommend saving at least 10% of your annual income in a high-yield savings account with at least 2% interest rate.

“Our survey found that one in three people in the U.S. don’t feel in control of their finances and half are too embarrassed to talk about their savings with their friends,” continued Habis. “We understand how important financial security is to all of us and that saving may seem daunting, but it just takes minor adjustments, such as creating financial goals, setting aside whatever you can manage from each paycheck or searching for a better interest rate for your savings account.”

Creating Habits in Fitness and Finances

When ranking the top three most important factors in their future, respondents reported having good health (76%), financial savings (73%) and a relationship/family (68%) as the top three responses. That said, respondents noted that saving is their most rewarding activity, even more than losing weight (79% vs. 47%). But there’s more work to be done with crash-diet savers; two in five respondents consider themselves as aggressive short-term savers, for things like weddings and trips, but they’re not consistently saving in between.

Consumers Are Living for Today

Despite concern about their future financial health, at least one quarter of consumers admit to prioritizing convenience over saving. The quick rise of on-demand applications indicates this number will quickly increase over time. The research found that two in five respondents would spend four times as much on transportation to save 20 minutes and one in three would choose to take $1,000 now rather than waiting a year for $3,000; this number was significantly higher with Millennials at 43%.

The 2018 PurePoint State of Savings in America survey is an online survey among 6,000 adults in the U.S. (aged 18+), commissioned by PurePoint Financial and conducted by independent research firm Edelman Intelligence. The survey examined current behaviors, drivers, and barriers to saving among adults in the U.S. Data was collected Dec. 15, 2018 – Jan. 2, 2019, with a margin of error of +/- 1.27%. 2018 was the second wave of the survey, building off of the benchmark wave that was conducted in July/August 2017.

https://cstoredecisions.com/2019/02/25/can-american-consumers-survive-another-economic-downturn/

26. Caltrans can't make smooth roads anymore, takes 20-50 year to finish a project.

We have the whole Classic Art Collection in our Museum if we don't protect it under our ward, Liberals would spray paint it and deface it with their Baby Killer Shit.

His only failure is letting the Swamp tell him what every President in History has had the power to do.
But now I'm understanding there was a reason why. He gave all of the scumbags enough rope to hang themselves.

Get ready for TDS level 10 in the coming weeks.

When you're a left wing professor who thinks the Swedish Feminists aren't Woke and Socialist Enough, dailykos looks conservative.

Ocasio-Cortez, 29, berated the New Deal, Franklin Roosevelt's massive public works program worshiped by Democrats, as 'an exercise in racism,' arguing it made life and home loans easier for whites but left African Americans and Latinos behind.

...

She defended herself as a self-defined socialist, slamming the 'fear mongering' of socialism, calling it a fear that 'governments going to take over the private sector.'


https://www.dailymail.co.uk/news/article-6791039/Ocasio-Cortez-dominates-SXSW-conference-talk-protests-minorities-treated-like-garbage.html

Dems need to up their gaslighting game, now that Bernie, and Open Socialist, is in the lead candidate for the Dem Presidential Choice and all of their favorite incoming Congresswomen are Turd World Socialists.

Occasional Cortex thinks FDR didn't go far enough and was a Racist, openly espouses Socialism, but Socialist Pushes only exist in the minds of Redneck Republicans.

27. Fuck-stick leftists

They tore down a statue of the guy who wrote "Oh Susana" because it featured a old black man playing a banjo at his feet.

I don't know why white males talk about it though, maybe they are just hypersensitive, whereas the activists that pulled it down were calm and unemotional and only spent years bitching about it.

This thread is a lot better than the other one. Accuracy way up.

Wait - didn't this same guy post a thread about how great California is ?

Tarantula says

19. Fags
20. Realtors
21. Homos

Based on about half that list, I can't help but wonder if Tarantula is an alt account for Fortwayne.

marcus says

Tarantula says

19. Fags
20. Realtors
21. Homos

Based on about half that list, I can't help but wonder if Tarantula is an alt account for Fortwayne.

Lol Tarantula old timer you, well played man. And marcus won't read this either, I'm on his ignore list.

Can you cite your source as to where you are getting the 100% percentages from?

Tarantula says

Nice. I assume you bought it for the increased MPG vs a car, so that you would contribute less to Global Warming :)

No. Midlife crisis. I walked into the dealer and before I knew it I was looking for a new helmet.

Tarantula says

Nice. None of the bizzaro right-wingers ride? Not surprising, as they are too afraid and hate FREEDOM!

Can't we keep politics out of just ONE thread?

Onvacation says

Can't we keep politics out of just ONE thread?

Why spoil the record?

Once again my points have been proven out beyond any shadow of a doubt.

Can't attack the position or the person or not getting anywhere with the attack, try to ruin the thread by making it political and hope someone plays along.

If people stop responding - the game is not fun anymore.

RC2006 says

Almost every long term rider I know has had a serous accident, including my father that was tboned by red light runner.

That goes to "every" for Moi. The first person I ever saw as a kid that used to ride always showed up in an old Hudson Hornet to the house across the street - minus one leg that was a result of flipping a Harley.

Another neighbor got rear ended in Detroit by someone not seeing or paying attention to the stop light and killed - long time rider. The same person left a trail bike for me to use - after the fatal accident the bike went away courtesy of my parents. Yes, I dumped the bike as well in short time I had use of it.

Every other person I know has been hurt and damaged their ride - usually within weeks of getting it and being a new rider. Over confidence kills on these things - even for experienced riders.

Here's what happens when you let baby Killers and Gay Thug Fuckers run your city.

https://www.thegatewaypundit.com/2019/03/800-year-old-french-basilica-of-st-denis-heavily-vandalized-in-no-go-suburbs-19th-century-stained-glass-windows-destroyed/

Wait, wasn’t it a mantra of liberalism that art can’t be defined by fiat? I thought art was designed to provoke an emotional reaction, of some sort. Even if that reaction is disgust, amusement, or shock.
And now you’re proposing that art is actually only what you say it is?
Interesting.

Kakistocracy says

Every other person I know has been hurt and damaged their ride - usually within weeks of getting it and being a new rider. Over confidence kills on these things.

Some people should not ride. They don't have the attention or reflexes. Riding is dangerous. But so is skiing and a lot of other things. Accidents require 2 people not paying attention or 1 person getting crazy.

Life is dangerous. Motorcycles even more so.

This was gonna be used in Halloween 9, but Carpenter said it was shitty SFX.

Quigley says

Wait, wasn’t it a mantra of liberalism that art can’t be defined by fiat? I thought art was designed to provoke an emotional reaction, of some sort. Even if that reaction is disgust, amusement, or shock.

The test for Art is very simple. Put artwork on the floor of a museum. Call the Merry Maids and ask them to remove the trash from that room as you've just hosted "Art Appreciation for K-8 Schoolkids" there.

If they remove it, it's not art. If they leave it, it's art.

Goodbye, Jackson Pollock.

Perfect Trump re-election slogan: ‘I Don’t Keep Any Promises But My Voters Are Too Stupid to Notice’

WASHINGTON — I’ve got the perfect slogan for President Trump’s re-election campaign: “Promises Made, Promises Not Kept, But I’m Betting My Voters Are Too Stupid to Notice.”

Let’s take stock:

Trump promised to build a wall along the 2,000-mile southern border, with the cost of the “big, beautiful” barrier to be borne by Mexico. Trump made this pledge not once but dozens of times, in a call-and-response ritual at his campaign rallies. “Who’s going to pay for the wall?” he would demand, and the cheering crowds would yell the answer: “Mexico!”

Result: Not a single mile of Trump’s wall has been built. When Mexican officials made clear they would never pay a cent toward construction, Trump asked Congress for the money. Even with Republicans in control of both the House and the Senate for two full years, Congress declined to waste taxpayer dollars on the project. When Democrats took the House, Trump declared a “national emergency” in an attempt to steal funds from other projects. Still, despite what he claims, Trump has built no new wall.

Trump promised to reverse trade policies that he said were allowing the rest of the world to play Americans for suckers. He pointed to the U.S. balance-of-trade deficit as a yardstick measuring the “stupidity” of prior administrations that allowed trading partners like China, Mexico, Germany and even Canada to walk all over them. Tariffs were the solution, Trump said, as he launched a series of trade wars. “I love tariffs,” he crowed.

Result: The Commerce Department announced Wednesday that the overall U.S. trade deficit in goods last year soared to an all-time high of $891 billion. The deficit with China, Trump’s principal target — the amount by which the value of imported goods exceeded the value of exported goods — reached a record $419 billion. Many economists believe this is actually a sign of the U.S. economy’s relative good health. But according to Trump’s understanding, or misunderstanding, it is an abject failure.

Trump promised on Twitter that “there is no longer a Nuclear Threat from North Korea.” He made that boast last year following his summit in Singapore with Kim Jong Un, with whom Trump said he had fallen “in love.” Most experts on North Korea warned that Kim’s vague promises to work toward “denuclearization” were worthless, but Trump insisted he had made a breakthrough and mused about possibly winning the Nobel Peace Prize.

Result: Following months of little or no progress, Director of National Intelligence Dan Coats told Congress in January that North Korea is “unlikely to completely give up its nuclear weapons.” A second Trump-Kim summit, held last month in Hanoi, ended abruptly without an agreement. Around the same time, according to news reports, the North Koreans restarted work on a ballistic missile site. While Pyongyang has refrained from further tests of its nukes and missiles, Kim’s stockpile likely continues to grow. The threat remains.

Trump promised to repeal and replace the Affordable Care Act, claiming he would put in place a new health insurance system that would deliver better results and lower costs. He made the assault on Obamacare the main thrust of his first year in office.

Result: Obamacare remains the law of the land. Trump and the Republican-controlled Congress failed in an attempt to repeal the ACA and did not even make a serious attempt to design a potential replacement. Republicans have managed to chip away at the health care law — the individual mandate is gone, for example — and Trump often claims the ACA is “imploding.” But still it stands.

Trump promised to spend up to $1.5 trillion on refurbishing the nation’s infrastructure, building new airports, bridges, tunnels, roads and other gleaming monuments to American greatness. He said he was uniquely able to oversee such a program because of his successful career as a real estate magnate.

Result: “Infrastructure Week” has become a running joke. Every once in a while, the administration announces it is launching the infrastructure campaign — then does nothing meaningful to follow through.

Trump promised to “drain the swamp” of corruption in Washington.

Result: Perhaps the most corrupt administration in U.S. history, riddled with nepotism and teeming with swamp creatures.

I could go on. Trump did fulfill some promises he made to far-right ideologues (appointing archconservative judges) and the ultra-rich friends he sups with at Mar-a-Lago (cutting taxes for the wealthy). Overall, though, his administration has been a great big failure.

He apparently believes his loyal supporters are the dumbest, most gullible people on earth. We shall see if he’s right.

https://www.eastbaytimes.com/2019/03/10/robinson-perfect-trump-re-election-slogan-i-dont-keep-any-promises-but-my-voters-are-too-stupid-to-notice/

Tarantula says

4. Nancy Pelosi
Too many liberals
9. Too many conservative Evangelicals
13. Can't wear MAGA hat to work at a college
14. Can't own a gun
15. Gender confusion
20. Realtors
22. White people won't pick strawberries

this part seems very true

marcus says

Tarantula says

19. Fags
20. Realtors
21. Homos

Based on about half that list, I can't help but wonder if Tarantula is an alt account for Fortwayne.

You missed 24: poverty and fags. eyeroll

This list is a bit queer

Train to nowhere.
Highest state taxes in the country. Extra nuisance taxes on everything.
CALIPERS to go bankrupt at some point.
Straws illegal

zzyzzx says

Train to nowhere.
Highest state taxes in the country. Extra nuisance taxes on everything.
CALIPERS to go bankrupt at some point.
Straws illegal

LA recently banned sale of fur too.
restaurant can be fined for giving someone water they did not ask for
restaurant can be fined for giving you straws you did not ask for.

Insanity of the left is real

Quigley says

Wait, wasn’t it a mantra of liberalism ....

According to Wayne’s daily strawman, yeah, sure, that’s liberalism LOL.

jazz_music says

Lies!

BTW

Truths!
BTW:
https://www.newsbusters.org/blogs/nb/noel-sheppard/2012/04/23/media-myth-debunked-republicans-are-more-informed-about-politics

zzyzzx says

Straws illegal

But free syringes are everywhere!

MisterLearnToCode says

But free syringes are everywhere!

And Illegals are free to live in our Sanctuary State and Gavin Newsom even wants to give them free healthcare.

zzyzzx says

Highest state taxes in the country. Extra nuisance taxes on everything.

Looking at overall tax burden by state California comes in at number 10. Outdoing California are:

10. California - Total tax burden: 9.57 percent

Property tax burden: 2.66 percent
Individual income tax burden: 3.65 percent
Total sales and excise tax burden: 3.26 percent

9. New Jersey - Total tax burden: 10.02 percent

Property tax burden: 5.12 percent
Individual income tax burden: 2.46 percent
Total sales and excise tax burden: 2.44 percent

8. Illinois - Total tax burden: 10.08 percent

Property tax burden: 4.11 percent
Individual income tax burden: 2.44 percent
Total sales and excise tax burden: 3.53 percent

7. Rhode Island - Total tax burden: 10.14 percent

Property tax burden: 4.7 percent
Individual income tax burden: 2.31 percent
Total sales and excise tax burden: 3.13 percent

6. Connecticut - Total tax burden: 10.19 percent

Property tax burden: 4.17 percent
Individual income tax burden: 3.34 percent
Total sales and excise tax burden: 2.68 percent

5. Minnesota - Total tax burden: 10.37 percent

Property tax burden: 3 percent
Individual income tax burden: 3.7 percent
Total sales and excise tax burden: 3.67 percent

4. Vermont - Total tax burden: 10.94 percent

Property tax burden: 5.2 percent
Individual income tax burden: 2.32 percent
Total sales and excise tax burden: 3.42 percent

3. Maine - Total tax burden: 11.02 percent

Property tax burden: 4.8 percent
Individual income tax burden: 2.69 percent
Total sales and excise tax burden: 3.53 percent

2. Hawaii - Total tax burden: 11.57 percent

Property tax burden: 2.2 percent
Individual income tax burden: 2.85 percent
Total sales and excise tax burden: 6.52 percent

1. New York - Total tax burden: 13.04 percent

Property tax burden: 4.62 percent
Individual income tax burden: 4.78 percent
Total sales and excise tax burden: 3.64 percent

https://www.cnbc.com/2018/04/10/us-states-with-the-highest-tax-burdens.html

This one is easier to read, more data: https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/

Kakistocracy says

Looking at overall tax burden by state California comes in at number 10. ... Total tax burden: 9.57 percent

Property tax burden: 2.66 percent
Individual income tax burden: 3.65 percent
Total sales and excise tax burden: 3.26 percent

What the heck does that even mean? I'm guessing those percentages are % of entire income that goes to the various taxes. Also, you can't write off sales taxes from your income tax, so summing the pieces isn't a valid calculation in any numerical sense.

Also, it's silly to talk about state-wide averages. Different parts of California are enormously different and different people's circumstances are different.

If you're trying to live a real life in silicon valley, you'll be paying double that 3.65% income tax average. For a single person, the 4% tax bracket starts at $19k and the 9.3% (!!!) bracket starts at $52k. A 1-bedroom apartment is $25k/year, so hitting the 9.3% bracket doesn't mean you've "made it" financially. You'll need a salary more like $200k/year to even think about buying a house, at which point you're more like 8% of income going to CA tax.

Sales and excise taxes ... sales tax is 9% (approximate) and you're not counting the extra tax on gasoline, I guess you're only using 1/3 of your income on taxed items? That could be right for some people.

Property tax... there are wildly varying percentages of income being paid for property tax. People who are in jail, bums, etc are paying 0. Renters are likely to be (indirectly) paying modest property taxes due to Prop 13. Old people with Prop 13 are paying close to $0 (which might be a high % if they are retired and/or not reporting their income). People who just bought a house might be paying 4% or 5%. It all depends.

SunnyvaleCA says

Renters are likely to be (indirectly) paying modest property taxes due to Prop 13.

Dude, do you even landlord? The rent is whatever can be sustainably wrested from the renters, as high as possible before you get no more takers.

Prop 13 means that slum lords can charge $2500/month to rent a shack in Watts and pay $1500/year in property tax that goes for the local schools. Which keeps the schools chronically underfunded forever, despite the relatively high rents parents pay in the district.
Prop 13 is the reason LA unified can’t afford to pay more teachers to reduce class sizes down from 45:1. That and too many administrators. It’s not that teachers are getting rich like the water bureaucracy. It’s that Prop13 makes the local education chronically underfunded.

Quigley says

SunnyvaleCA says

Renters are likely to be (indirectly) paying modest property taxes due to Prop 13.

Dude, do you even landlord? The rent is whatever can be sustainably wrested from the renters, as high as possible before you get no more takers.

Prop 13 means that slum lords can charge $2500/month to rent a shack in Watts and pay $1500/year in property tax that goes for the local schools. Which keeps the schools chronically underfunded forever, despite the relatively high rents parents pay in the district.
Prop 13 is the reason LA unified can’t afford to pay more teachers to reduce class sizes down from 45:1. That and too many administrators. It’s not that teachers are getting rich like the water bureaucracy. It’s that Prop13 makes the local education chronically underfunded.

Fully agreed. I am as much a low/no tax guy as one can get, but prop 13 is fucked up. I said multiple times lower property taxes for all and repeal prop 13. In fact I would go further. Remove mortgage interest deduction OR allow the same standard deductions for renters (allow to deduct rent from income taxes up to the same amount as property) and any other investments. The current situation makes it easy for people who already have money to suck those who rent dry while artificially propping up house prices by passing property through generations in trusts and other vehicles (even corporations do that), resulting in extremely high inflation in house prices and rents (next to healthcare) which lower income professions such as teachers cannot afford. It's fine if you're a private person and can't afford a posh place here in the bay area, you can move elsewhere, but it's an abomination that teachers cannot even dream of buying a flea infested tiny crap-shack with their salary in CA within 50 miles of the school they are supposed to teach at.

Prop 13 was suppose keep old people from getting taxed out of home not keep property commercial or residential from tax increases for perpetuity. Problem now is that CA government is horrible and will try to rip you off at every chance.

jazz_music says

The media’s bias, a large part of it is in fact right-wing bias

Paul Krugman is obviously biased here. What about CNN and MSNBC? If he doesn't see a heavily distorted bias on those networks then he isn't being objective. FOX is the only right-wing major network and conservatives are inundated with left-wing biased news everyday. If you were a conservative you would see it. Most reporters are dems, so to sit there and say the media has a right-wing bias is disingenous and false.

RC2006 says

Prop 13 was suppose keep old people from getting taxed out of home not keep property commercial or residential for perpetuity. Problem now is that CA government is horrible and will try to rip you off at every chance.

Sure but usually creating exceptions to benefit one subgroup doesn't work as intended and will get abused. Also old people are not the poor in CA or in the US in general. They may not be rich either but they are doing significantly better than the youth of whom most will never become a house owner or when they do they will be twice the age that granny was when she purchased her home. Not to mention the older generation is set wrt Medicare while health insurance & cost inflation screws the youth disproportionally. The vast majority of the poor and homeless are not that old. Granny can scale down, sell her bay area shack for 2MM+, buy a 1-2 bedroom for half the price and live plentiful for the rest of her life, including higher property taxes.

Quigley says

Prop 13 is the reason LA unified can’t afford to pay more teachers to reduce class sizes down from 45:1. That and too many administrators.

Yep. And retiree healthcare is NOT money being spent in the classroom.