US has two economies, Bridgewater founder says

Bridgewater Associates founder Ray Dalio on the problems facing the U.S. economy.

[SandcastleDreams]

Hmm, I could have sworn about 5 years ago, that my husband and I belong to the New Middle Class!
1. we own our own home free and clear.
2. we own our own vehicles, free and clear.
3. we have no debt.
4. we live within our means.
5. we aren't on food stamps. combined we are just under $2, 000 a month income.
6. we have no savings and we are both on Social Security, but have never really had a lot of money either.
7. we made choices about what we would spend our money on and what we wouldn't.
no air conditioning
no cable
no cell phones
no credit cards
no eating out except for once a year or so.
we buy 2 pairs of jeans, t-shirts/underwear each year, anything else is used.
we don't know what a vacation is.

And compared to those with twice our income, I'll take OUR life over theirs! They are in debt up to their necks! They are terrified their credit will be ruined and they go into debt trying to improve their credit, and put it all at risk to do so.

They never really enjoy their homes because they are working too many hours trying to keep what they've got. Their insurance rates are astronomical because they don't OWN anything!

They have all of the new tech gadgets, the Ipads, Iphones, etc. And they'll spend a pretty penny on gadgets because somebody they know bought one. But whatever they spend their money on, is exhausted and has to be replaced by the next year.

So, although us poor folks don't have money to throw around, some of us are living a lot better!