Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Anonymous
Anonymous asked in Business & FinanceCorporations · 2 months ago

If capitalism is so great how come 78% of Americans live paycheck to paycheck in the richest country in history?

And this was BEFORE the pandemic. I can't imagine how worse it is right now. Also, 40% of Americans can't afford $400 emergency bill and 80% have some type of debt. It's like George Carlin said, "It's called the American Dream, because you have to be asleep to believe it." also "It's a big club, and you aint in it!"

7 Answers

Relevance
  • Jas B
    Lv 7
    2 months ago
    Favorite Answer

    It's not capitalism which is to blame it is the way politicians control and moderate the effects of capitalism which makes the difference.

    Those countries where people have the best quality of life, when you take such things as economy, health, welfare, education, workers rights etc. You will find many of the same countries at the top such as these (link below).

    Finland.

    Norway.

    Denmark.

    Iceland.

    Switzerland.

    The Netherlands.

    Canada

    New Zealand

    Sweden

    Australia

    All capitalist countries, but countries whose governments make laws which regulate capitalism.

    Countries which put their citizens welfare, not just profit, at the heart of the laws they enact.

  • 2 months ago

    The fact that people live paycheck to paycheck really doesn't have anything to do with Capitalism. They are related only peripherally. People live like that because they do not have a good idea of how to manage their paychecks.  Even someone with a small income can make a budget they can stick to--but many do not because they don't want to. It's nothing to do with the American Dream--which doesn't exist anyway, not any more. 

    There are hundreds of reasons people have debt, too. It's not one cause or one effect, either. The pandemic has made things worse because few people think saving money is a priority. They are learning it isn't true that you can spend beyond your income--but it's a hard lesson for most of them. 

  • 2 months ago

    Because people who live a dream are not in reality 

  • Linda
    Lv 4
    2 months ago

    When I was growing up, both parents did not have work. And companies sold there products to stores for a reasonable price, the same goes for farmers too. And in return the stores didn't charge their customer's a lot of money for the products. But there were still some people that were living paycheck to paycheck. And some were wondering where their next meal was going to come from. Now a days this country has gotten stupid and gone over board with their pricing of food, rent, etc... In other words on everything. And I have heard the people who have money are unhappy. Well I would take their kind of unhappiness any day. For years I have said that it would be nice if the people who have money switched places with the ones who don't. For at least a month. So they can see how the other side lives. 

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    2 months ago

    Hey, I know, get a job.  Credit card debt is lower than it has been in years. People are paying off debt.  

  • 2 months ago

    12/11/2000 = CNN reported that since the pandemic 63% of American's "say" are living paycheck to paycheck...

    We don't know what the numbers were before... and we can guess that people saying this and being true are probably not the same. 

  • Pearl
    Lv 7
    2 months ago

    cause they dont have good jobs

Still have questions? Get your answers by asking now.