sourceMany homeowners already are at the financial edge:
43% of American households spend more than they earn each year.
Homeownership Preservation Foundation data of 60,000 homeowners
52% of employees live paycheck to paycheck.
The MetLife Study of Employee Benefit Trends: Findings from the 2003 National Survey of Employers and Employees, November 2003.
Nearly 42% of all American households do not have enough in liquid financial assets to support themselves for at least three months.
46% of American households have less than $5,000 in liquid assets, including IRAs.
- Asena Caner and Edward N. Wolff, Asset Poverty in the United States: Its Persistence in an Expansionary Economy, Levy Economics Institute of Bard College, 2004.
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
"Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911
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