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Financial
Liabilities for Families
In today’s society there are group
of people that are left out of the equation when elected officials
discuss healthcare, education or jobs. It is important to
note that this population makes up the majority. Not just
a small majority, I’m talking about over ninety percent
of the population. Ninety percent of the population is made
up of poor and working class people that are struggling to
make ends meet. The poor and the working class have a cross-sectional
population, which stems from White to Black - Latino to Asian.
Each of them have a fundamental similarity…economic
status. We as a people have to look beyond race and focus
on the elected officials that are rectifying our current predicament.
How many of us can say our children are
not receiving the same education I did?
OR
I don’t have access to quality healthcare?
OR
I can’t afford to buy a home?
Families in New York and throughout America
are working harder, saving less, and borrowing more just cover
the barest minimums. We have to develop new steps to help
families save, invest, and to build their own safety nets
to help them cope with bumps in the road like illnesses and
job layoffs.
Despite income gains over the past generation,
most families save little and are vulnerable to problems like
job losses and illnesses. Home foreclosures have more than
tripled in 25 years. Other costs such as health insurance,
childcare, and college tuition are also increasing. What is
an American family to do?
Today’s salaries are not consistent with today’s
expenses. Twenty years ago Americans saved 11 percent of their
incomes on average. Today that figure is negative. Credit
card debt has climbed from 4 % of income to 12 %.
It is a fact that minorities and senior
citizens remain far less likely to own their home in today’s
society than their white counterparts. Predatory lending has
become a major deterrent for many families. There are many
institutions that offer high interest rates and fees and deceptive
terms that drain equity and cost families more every month.
The bottom line is we should be penalizing all institutions
that are financially crippling these families.
Lets focus on the family
• Provide tax cuts for the working
and poor class so they may be able to save and invest more
in there families
• Penalize all financial institutions
that are practicing predatory lending
• Fulfill the dream for all Americans.
- We should be trying to help Americans
save by:
- Create matching savings account for working
poor
- Bring more banks to poor communities
- Fight credit card rip-offs, such as unjustifiable interest
rates
- Provide more financial planning seminars to protect young
people from runaway debt
Together we can make difference! One
of the main reasons I entered into politics was to make a
difference for those individual who have no voice in government.
I want to pull in the people who feel disenfranchised by the
political process. Let’s get organized and start today.
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