Sunday, April 14, 2013

Poorest in US spend twice their income
A new government study says people in the bottom 20% of earners are taking in about $10,000 a year on average but have $22,000 in expenditures.

...Average annual expenditures amounted to $22,001 (compared with a national average of nearly $50,000), which included, among other things:

$8,771 for housing, nearly 40% of total annual expenses.
$2,448 for food at home.
$1,099 for food away from home.
$2,284 for utilities, including $681 for phone service.
$3,256 for transportation.
$1,489 for health care.
$981 for entertainment, including $522 for "audio and visual equipment and services."
$316 for tobacco products, compared with a national average of $351.
$170 for alcoholic beverages, way below the national average of $456 and the $994 spent by the top 20%.