We are getting into our ownership society that Bush promised us in 04.
This is great news if you're one of the lucky ones to still have a job! See...we have so many unemployed people and so many people working 2-3 jobs at minimum wage that apparently there's lots of McMansions for sale at a GREAT bargain basement price.
Check this out!
As previous downturns in the real estate cycle have proven, foreclosure can reclaim a home no matter where it is located, what price range it falls into, or the income bracket of the owner. Although it may be hard to believe, even celebrities are not immune from defaulting on loans.
...Now with the housing market slowing and interest rates rising, many homeowners are paying higher monthly payments for a house that is not appreciating rapidly and could take a long time to sell given the large inventory of homes for sale. Those market conditions mean it's easier than ever to locate bargains - even on high-end homes...
I'm very happy for people who suddenly discover they can buy a mcmansion. But what about the rest of us.
Minimum wage is $5.15/hour. x 40 hours per week. That's a whopping 11,000 per year. Is the mcmansion in the cards for that employee?
What about the middle earner in america making around 15 per hour. 15 x 40. That's 32,000 per year. That 32,000 represents a new college graduate or a new teacher in most fields.
So just how much money do you have to earn to buy that mcmansion? And if you went to graduate school or medical school, and you're paying interest on more than 100,000 in student loans, can you afford that mcmansion?
The fact is clear. There's lots of mcmansions on the market because we're all losing our buying power and we've been bilked by the corporate entities.
Right now, apparently all most of us can afford is a mcmuffin on the 2 dollar menu.
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I agree with you- I am super siked about graduating next fall from college, but I'm not excited about the very competitive market of finding a job and all those student loans that will be rolling in.....
Peace n Bike Grease~Sara
You raise a good point. The social and financial inequality in this nation is Rampant. The fact that we have people who have to scrape by on around $11000 a year and then on the opposite end are the CEOs of the big corporations that these poor souls are working for are making billions. As we go to college it is constantly on the back of our minds the question of am I going to get a job after all this? The biggest problem a good many of us face is the job that we are training for being sent overseas becuase its cheaper, then we are screwed. We then have to get jobs at the minimum wage to pay back a $100,000 student loan. I think personally I'll have to wait a little longer before a McMansion becomes affordable!!
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ipsa scientia potesta est
iTs pretty sad that weHAVE to pay back that student loan off 5.00 an hour. Which fields are jobs STILL available in?
i didn't realize the federal minimum wage was so low; i live in california, so right now we get 6.75 per hour. even so, it's hard to get a living working full time; i have many friends trying it, and they struggle to barely make ends meet. i can't wait until minimum wage goes up, its about time. personally, i think i'll have to wait a while once i'm out of college for that mcmansion - unless i want to have about 12 people live with me!
What I'm finding is most places dont want to hire full time. And even working for an amount ABOVE minimum wage its impossible to make ends meet ifyou're only scheduled for 20 hours per week.
years.
***The thing is, if you control the Senate meetings, you control the gavel. And the gavel is a very important instrument... an instrument of power. An instrument that establishes the agenda.
Dan Quayle former Republican VP of George Bush Sr***
and a $20...so the man had a place to live.
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=2759422&mesg_id=2759422
Excellent thread and comment.
***The thing is, if you control the Senate meetings, you control the gavel. And the gavel is a very important instrument... an instrument of power. An instrument that establishes the agenda.
Dan Quayle former Republican VP of George Bush Sr***
sad sad story.
I always feel bad that i nEVER carry change with me, and can never do anything.
SO since i've been having a LOT LOT LOT of leftover bread and such from my classes, i've taken to bringing it out to our market on saturdays, and dividing it between teh homeless people there. Anything we can do to help i guess... Very likely the stuff I have wouldnt be able to be sent to a foodbank because its perishable. But i've gotten a lot of simple thank you's adn god bless you's, and its nice knowing that the bread is going to someone who needs it more than I.