The Wall Street Journal had a report on employers offering their workers pay-day loans.
This comes as the new Federal Reserve report says that almost half of Americans could come up with $400 for an emergency expense.
So now some employers are looking to profit from the fact that they do not pay a living wage. These loans are not meant to pay down debt or buying a new sofa, they are for emergency car repairs and other unexpected bills.
This is the economic recovery no one besides the upper classes can enjoy. As markets moved higher on the back of cheap easy credit for people who did not need it, many Americans are living paycheck to paycheck needing to supplement that with pay-day loans to foot the escalating costs of medical insurance and other necessities.
While almost a quarter of all working Americans have two or more jobs, according to the Fed study, this says that medical benefits are clearly on the shoulders of these “workers”.
What happen to America, that its okay for employers to offer pay-day loans instead of a living wage? We should be outraged and not commending them for their actions.