Bernie Is Right: 60% of Americans Live Paycheck to Paycheck
jacobin.com
Bernie Sanders says it over and over again: 60% of Americans live paycheck to paycheck. Centrist critics swear this is false. Once we sort through the noise, we see Bernie is right on the money.

Bernie Sanders says it over and over again: 60% of Americans live paycheck to paycheck. Centrist critics swear this is false. Once we sort through the noise, we see Bernie is right on the money.

  • givesomefucks@lemmy.worldEnglish
    121·
    3 days ago

    The most important factor, quantitatively speaking, is slightly technical and takes a bit of explanation. If you want to use household wealth data to determine what share of Americans “live paycheck to paycheck,” you have to exclude business owners from the analysis. This isn’t just because — to state what should be obvious — business owners can’t “live paycheck to paycheck,” no matter how poor they are, since they don’t receive a paycheck.

    More than business owners, “contractors”.

    If you’re a gig worker, including conventional tipped employment to an extent, you’re going to need a buffer because money could dry up. A waitress with a two week cough isn’t making the tips they’re used to and an Uber driver with a blown transmission isn’t making anything.

    They couldn’t make it 3 months with no income tho.

    Even when you have a career and make better money, better healthcare comes with higher premiums. And 401ks need contributions, so even more people paycheck to paycheck