A new study finds that roughly 26 million Americans remain “too poor to shop”. The study, performed by America’s Research Group, found that about 26 million Americans work on average two or three jobs at a time which, when added together, nets just shy of $30,000 in annual income. All while supporting anywhere from two to four children.
The chairman of ARG, Mr. Britt Beemer, said in an interview with the NY Post that he first started looking into data when he was tracking a different indicator. Beemer first started tracking a group and surveying roughly 15,000 people to determine who had not finished Christmas shopping in 2014. During that year, the number was 21 percent but recently ran as high as 29%. From there Beemer decided to analyze the data further and learned American’s are seeing increasing numbers of fellow citizens who are simply just too poor to shop.
Beemer told the Post: “The poorest Americans have stopped shopping, except for necessities” and “It’s scary when you start to see things that you’ve never seen before”…”People are so pessimistic about their future”
Just this past April we wrote: “most Americans’ savings continue to decline, and millions of US households not only don’t have any money left over to save away, but are forced to resort to credit to fund day to day expenses.”
This post was published at Zero Hedge on Jul 8, 2016.