1 in 6 Americans Live In Poverty; Uninsured Ranks Hit 50 Million

Posts Tagged ‘Unemployment’

1 in 6 Americans Live In Poverty; Uninsured Ranks Hit 50 Million

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Nearly one in six Americans live in poverty, according to new data just released by the U.S. Census Bureau.

The Census Bureau reports that in 2010, 46.2 million Americans – or 15.1% of the population – were in poverty. Those figures represent a 27-year high, and are up sharply over the 43.6 million people who were in poverty in 2009.

As if the poverty figures weren’t bad enough, government data also worsened when it comes to American with healthcare coverage. The Census Bureau indicated that the number of Americans lacking health insurance increased to 49.9 million, a new high in the wake of revisions made to 2009 data.

Of course, these figures don’t even count the number of people who are under-insured and who struggle each day to pay healthcare and medical bills that insurers won’t cover.

How Government Can Help Reduce the Jobless Rate for African-Americans

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Author: The Money Coach

The jobless rate. It’s the topic of unwavering discussion these days, especially as it relates to the disproportionately high numbers of African Americans who continue to struggle to find work. But there’s one easy way the government can help reduce the jobless rate–especially for African-Americans: Put an end to the practice of employers discriminating against unemployed job-seekers.

For more than a year, employers nationwide have been blatantly discriminating against the jobless – roughly 14 million Americans – by refusing to consider hiring people who are currently not working, or who have been unemployed for longer than six months or so.

According to numerous reports, if you’re out of a job, you’re out of luck with a growing number of employers whose job postings specify that applicants “must be currently employed” and that the “unemployed need not apply.”
This issue has huge implications for African Americans–considering the 15% unemployment rate in the Black community far exceeds the national unemployment rate of 8.8%. Continue reading this article on Black Enterprise.

Earn Extra Cash to Pad Your Emergency Fund

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Author: The Money Coach

By Lynnette Khalfani-Cox, The Money Coach

Do you have enough socked away to cover your bills should you get slipped a pink slip? Typically I would say you should have enough savings to cover three times your monthly living expenses, but given this economy and the skyrocketing unemployment rate, six or nine months worth of savings is more ideal.

Here are three ways to earn some much-needed extra cash to help pad your savings.

Get a second job. I realize that most people already work really hard, and might even be covering for recently laid-off co-workers, but if you can fathom the idea, consider getting a second job or part-time work, even if just for three months. This may seem like a burden, but trust me, the time to build your emergency savings fund is before you actually need to tap it.

Start a part-time enterprise. Whether you turn a hobby into a cash-making business, sell new or used products online, or stuff envelopes for another business, the key is for it to be a no-cost or low-cost venture that can be operated exclusively from the privacy of your own home. Why these characteristics? For starters, you don’t have the money to buy tons of products. You also don’t want to have to hire anybody or lease space. You want to keep all the money you earn, right?

Squeeze money from your residence. Whether you rent or own, getting a roommate or housemate is another way to generate income. If you can tolerate having an extra person around, you’ll likely find takers willing to lease out a spare bedroom or space in your attic or basement, especially given the high rate of people being put out of their homes these days due to foreclosure or inability to get a mortgage for their own place. However, before forging ahead if you’re a renter, be sure you’re not violating any clauses in your rental contract by letting someone else live with you.

— Adapted from “Day 22” chapter of my book, Zero Debt: The Ultimate Guide to Financial Freedom.

How to Manage Your Finances Amid High Unemployment

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Author: The Money Coach

By Lynnette Khalfani-Cox, The Money Coach

At a time when we have our worst unemployment rate (7.2%) in 16 years, the job cuts just keep on coming.

Today the following five companies alone announced a combined total of 45,000 job cuts:

Caterpillar, the world’s largest maker of construction and mining equipment, said it was slashing 20,000 jobs after its earnings fell more than 32%.
Sprint Nextel, the phone giant, revealed that it would be reducing headcount by 8,000 positions in the first quarter of 2009.
Pfizer, the pharmaceutical company, told Wall Street it would remove more than 8,000 workers from its payroll – a move that will coincide with the company’s blockbuster $68 billion cash-and-stock deal, also announced today, to buy Wyeth, a rival drug company.
Home Depot, the largest home improvement retailer, plans to close its Expo home-design business and cut 7,000 jobs, or 2% of its work force.
General Motors announced that due to a drop in demand for its vehicles, it will cut 2,000 jobs at plants in Michigan and Ohio, and will halt production for several weeks at nine U.S. plants over the next six months. About a month ago GM temporarily closed 20 factories.

In 2008, 2.6 million jobs were lost, with 11.1 million unemployed at year end, according to a January report from the Bureau of Labor Statistics. The U.S. had not seen those many jobs lost in one year since 1945, when 2.8 million jobs were cut.

Fear you may get the pink slip? Don’t wait until you get the news before you start planning for the future. Read my tips on how to start earning extra cash.

Ask The Money Coach

Posts Tagged ‘Unemployment’