Will this stock market madness affect cards?

[CharleyBrown]

Dale,

I believe you when you say when you aren't talking about all those living paycheck to paycheck.

Regarding what I quoted.

Statistics say otherwise. As a people, we are more inclined to focus on those that a) cheat the system b) flaunt.

Yeah, those that live way beyond their means made their own bed, but let's not assume the majority of those living paycheck to paycheck do so because they live lavishly and don't save.

It's like the old facebook trope regarding people that abuse social services entitlements. "I saw this woman in front of me talking on her iPhone with a Gucci bag paying with food stamps." Sure, there are those that do that and they get lots of attention, but they are in the significant minority. Let me break it down.

If you look at the hard data, the number of "common" people scheming the system cost the states and federal government in the U.S. far less than the executives and those engaging in corporate fraud... and it's not even close. Maybe it's different in Ontario, but I doubt it.

Here are some numbers:

Approximately 3% of people abuse unemployment and entitlements like welfare. That costs U.S. citizens $3.5 billion dollars ($5,000 per citizen)

On the other hand, fraud by American defense contractors amounts to $100 billion per year. Corporate fraud (such as insider trading or cooking the books) is up by more than 50% of what it was a decade ago. Nearly 90% of those cases directly involve CEOs, CFOs and in insider trading cases, politicians. This fraud costs U.S. citizens more than $10 trillion (works out to be upwards of $45,000 per citizen)

Guess which group continues to get rich at the expense of others and drives marketing campaigns designed to sell to those struggling to get by while simultaneously shaming them for poor spending habits?

Let's not vilify the average person trying to get by in a world that is designed to get people to spend, spend, spend.

Originally Posted by irv

I think the number of those people is greater than you think? I see/hear it in my relatively small city quite often so I can imagine what it is like in much bigger cities/metropolis's.