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Voices of Wealth and Poverty: In the Middle
Courtney Kimsey and Jacqueline Byers, in their own words, talk about how their families manage on the median American income.
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Kai Ryssdal: We're launching a new long term project on the broadcast this week -- wealth and poverty in the United States. Our Wealth and Poverty desk is going to explore the growing economic disparity in this country. Its causes and its consequences, including the everyday impact. How we live our economic lives, depending on our place in that economy. We started yesterday with two people who're living just above the poverty line. Today, two others -- women whose household incomes are close to the median U.S. income of about $50,000 a year.
Jacqueline Byers: My name is Jacqueline Byers. I live in Kansas City, Mo.
Courtney Kimsey: My name is Courtney Kimsey. I live in Des Moines, Iowa. My husband is an engineer and I'm a freelance writer and editor.
Byers: I've worked for Blue Cross Blue Shield of Kansas City 12 years now.
Kimsey: It's a struggle sometimes to get by with what we have.
Byers: I make pretty good right now.
Kimsey: Our annual household income is around $48,000.
Byers: In between $40-45,000 a year, and I'd love to take more. But that's comfortable for me.
Kimsey: I love our neighborhood. It's very residential.
Byers: I'd describe it as a very quiet neighborhood.
Kimsey: We hear kids. We hear owls. We've seen foxes.
Byers: It feel safe when I pull in and out of the garage.
Kimsey: I feel really safe here and I love it. I love where we live. On paper we are definitely considered middle class, but we fit lower middle class.
Byers: I feel pretty much now I'm more in the middle class. Yes, I do have my emergency fund.
Kimsey: We basically live paycheck to paycheck. We have minimal savings.
Byers: And I have my 401(k) through the job.
Kimsey: So middle class is, we can go out to eat occasionally. But we can't buy a fancy new car. The things that I felt my parents could give me, I don't feel like I can give that to my children just yet.
Byers: My daughter, she's still in college. So just helping her finish out her last semester at college. She's got a lot of scholarships, so I don't have to pay the full amount.
Kimsey: When our second son was born, I left my job because of daycare issues and we had to cash out our retirement.
Byers: Travel. Travel and see the world. I want to be set financially so I can do just that. I've got my bills and my home and car lined up to where it's all taken care of and what's extra goes to the travel account. So that's my splurge money, that's my mad money.
Kimsey: When our youngest son can go to school then I'll go back to work full time. Having two salaries in our family will make an immense difference.
Byers: I think the wealth is very uneven.
Kimsey: There should be something done about this income gap.
Byers: I'm glad those who have it, have it. But...
Kimsey: There are so many people in this country who are struggling and there are few people who are not struggling. And...
Byers: It's stuck so high up at the top that I don't know how to get the money to flow where it should go.
Ryssdal: That was Jackie Byers from Kansas City, Mo., and Courtney Kimsey of Des Moines. We're gonna need your help to tell this story of Wealth and Poverty in America -- in words, sounds and pictures -- click here to find out how you can help.
Tomorrow on the broadcast, not the 1 percent, but maybe the top 25. Voices of the comparatively well off.
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When they talk about how there are so many people in this country struggling and so few who aren't it made me relaize how true that statement was. I consider my family middle-class. We have money for food, clothes, etc. We go out to eat occasionally because we can but I personally know people who cant go out to eat at all. Sometimes, getting food to feed their family is a struggle. Today, my family is financially stable but when I was younger, we did struggle along with our neighbors in the trailer park. It was hard to pay for food and clothes when we needed. Like Kimsey, my parents lived off of paycheck to paycheck. I definately know more people who need finanical help, but as far as people who are completely stable and considered upper class, I know few. I dont believe there is a way to make money flow to the people who need it; at least, there is no easy way. It will take time and alot of debate, but I hope, one day, this economic gap will be closed and everyone will have equal oppurtunities.
It's rather interesting to hear the stories of those just above the poverty line, and I agree with much of what was said in this article. I feel as if both of these women represent the lower/working middle class very well; they work hard and get by with what they can. You always hear about the very rich or very poor, which makes it extremely intriguing to hear about those in the middle, who are the dividing line between the two.
Trickle-down theory is based on the premise that within an economy, giving tax breaks to the top earners makes them more likely to earn more. Top earners then, in theory invest that extra money in productive economic activities. Obviuously that has not happened here, and it makes more sense to give those tax breaks to people who really need it, instead of assuming the rich and lowering their taxes will fix everything.
Despite many of the criticisms, I'm personally grateful for what Marketplace has shared over the past couple of days. I'm by no means rich, but being somewhere in the top 10% - according to the WSJ survey (http://blogs.wsj.com/economics/2011/10/19/what-percent-are-you/) I sometimes fail to remember how fortunate I really am.
There are a lot of disenfranchised and poor people out there, but by focusing on the folks who you may not think about when you consider the people who are struggling, I think the Marketplace message hits home.
I have been retired for 10 years. I was an engineer for a major chemical company with four children who all graduated from college and a wife who did not work. I had a satisfying career but it would not be considered extremely successful by the industries standards.
I paid a little more than half for my children's college and they all graduated without any debts. I had very little savings when they graduated and I maximized by 401K and company stock plan for the last 5 years of my career.
I retired at 59 1/2 with about $150K in savings. My pension is about $55K. The keys to my financial plan was to be self guided and take advantage of capital gains and qualified dividend to minimize taxes.
I finished my house mortgage with 401 K monies at about 25 years on the 30 year loan. I bought a 20 year term life for $250K as a means of caring for my wife.
Both of our mothers were widows and died 3-4 years ago. We received some money from their estates.
I do not invest in bonds outside of my IRA because of the lack of tax advantage.
My pension and SS is great enough that taking funds out of the IRA are taxed at 28.5%. As a result, I have cashed my IRA gradually so that I could reinvest with capital gain advantages. I have not traded frequently but have invested when my accounts were > $25K.
We have traveled on rather expensive trips each year and gifted large sums to our children over several years. We buy used cars about every 8-10 years for cash. We have no debts.
We have equities which we began accumulating in the mid-90's after the last children graduated from college. I had some Roth IRAs but the investment choices were not very successful.
I am a product of my father who was raised on a farm but went to college over a 10 year period while teaching to support his family. This changed the course of my life since he began the mind-set of advance education. He had one sister and four brothers. Only one other brother went to college after being a pilot in the Air Force. He was the oldest brother so this was a significant life direction.
I have to agree with both previous comments. The question remains, what can be accomplished through these reports? And who do we want to hear from? Those among the very poor in our country are so disenfranchised, they don't use the internet, have a phone or even a home. While a personal economy might suffice, and some get to become home buyers, or have savings, do they want to spend time hearing about those who are quite poor? Most would have rather blown off the intent of the OWS protests as the radical fussings of the "have nots", too lazy to get out and work for it! We put down the very poor, those lazy, leeches draining our system, sitting home watching soaps and neglecting those poor children! Sure, our current economy has gotten worse for many, but ultimately, we would rather watch "Real Housewives" than spend any time or energy on the struggles others have to survive! Not meaning to be mean, but why such a report?
I am a WORKING, single mother, raising 4 children. Not embarrassed to say we eat because we get food assistance, and the twins(13) have straight teeth because of Medicaid. My total income last year: just over $10k. We have a home and heat because of kind help from many in our community. The twins and I timed out of welfare several years ago, regardless of the fact that they have never been otherwise supported. Their younger siblings are entitled to child support, but do not receive it. I just do what I have to do.
The level of contempt in our country for the very poor, single parents on government assistance and the homeless, is reprehensible. But, do we report on negative public opinion? Comparing the lifestyles of the comfortable to the more comfortable, is not a true comparison.
Interesting idea for a story. Of course, it doesn't even brush the surface. One big question stands out: Why did you pass over the true working poor for those you describe as above the poverty line? There are many people living below the poverty line who work hard or did work hard only to finish on a below-the-poverty-line fixed income in old age, or with nothing after an injury, illness, or downsizing. Why not get their voices on the air?
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