The average monthly social security payment that will be made to senior citizens and others that receive this entitlement for 2017 will be $1360 per month. This is an increase of only .3% from 2016.
Due to increasing competition as well as lower cost of commodities, the cost to shop for groceries has been decreasing throughout 2016. This “price deflation” is a rare phenomenon, but families are now actually paying less money for their food than they were in 2015.
While it may be hard to believe, the poverty rate among people age 65 or older is now under 9%. This is close to, or at a record low, according to the United States Census Bureau. Older Americans also have a lower poverty rate than the general population, which currently stands at about 13.5%.
Americans have a very short memory. We are only 7 years or so past the end of the great recession and millions of families have once again run up their personal debts. In fact, per the latest Federal Reserve statistics households are now carrying almost one trillion dollars in balances on their personal credit card accounts. At this pace it is very likely that by the end of 2016 the average American will owe more money on their credit cards than at any time in history.
There are a number of states that either completely waive, or reduce, the amount of sales tax they charge around the back to school shopping season. This upcoming “holiday” will also be occurring in 2016 as well. The latest information on each state is below.