KP Week-End (7/18/2010):
Link: www.newdeal20.org/
I have been spending the week-end making the rounds of the U.S. Sunday Morning Talk Shows. As I listened to the debate on NBC's Meet the Press, my thought went to all those on Main Street who seem to be somewhat lost in the shuffle. I wonder if those in Power truly thought about these numbers that the Roosevelt Institute just put out. What about the people?Your text goes here
New Deal NumerologyThis week’s numbers: 40; 2 million; 4; 975 billion; 14.10; 36; 20.5 billion; 29; 23,200; 23; 60; 66
40 ...is an unbalanced number. That’s the percentage of American families that spend more than they earn, according to a Federal Reserve study. They could always follow the GOP’s guide to deficit reduction and demand a pay cut.
2 million ...is a number that’s in over its head. That’s how many homes carry more than $20,000 in credit card debt. They could use some help, but many members of Congress don’t consider the American people too big to fail.
4 ...is a highly charged number. That’s how many credit cards the average consumer has. Somehow, they still can’t find any of them when they’re in front of you at the check-out counter.
975 billion ...is a record number. It’s the total amount of credit card debt reached in the U.S. in September 2008. It wouldn’t have been fair to let AIG and Lehman Brothers hog all the imaginary money.
14.10 …is a usurious number. That’s the average APR on a new credit card offer. Just be sure to scan the fine print for words like “firstborn” or “eternal soul.”
36 …is an inattentive number. That’s the percentage of cardholders who told FINRA that they don’t know the interest rate on the card they use most often – in other words, the credit card industry’s most valued customers.
29 ...is a number that pays its own way. That’s the percentage of Americans who reported owning no credit cards in February. But is being debt-free and sleeping soundly at night really as satisfying as earning enough points for a free espresso maker?
23,200 …is a collegiate number. That was the average debt held by graduating seniors with loans in 2008. No worries, Comp Lit majors; you can definitely have that paid off by the time you get your AARP card.
23 ...is a number that holds women back. That's the percentage of young women who wind up spending over 10% of their earnings on student loan payments, compared to only 16 percent of men. They'd probably be in better financial shape if they were actually getting paid what they deserved.
60 …is a self-righteous number. That’s the percentage of Americans in one survey who said that debt is usually the result of bad individual choices. For instance, voters could put Republicans in charge of the economy.
66 ...is a conflicted number. That’s the percentage of Americans in the same survey who admitted that debt is often the result of circumstances beyond one’s control. The CFPB won’t solve all those problems, but it could at least give consumers a fighting chance.
Mike Pouraryan
