The Global Poor and Memphis - Bad Economy, Worse Spending Habits

Posted 10:00 AM by JP in Labels: , , , , , ,
In many parts of the world, the poorest of the poor don't necessarily allocate their money well.
The dad, Georges Obamza, who weaves straw stools that he sells for $1 each, is unmistakably very poor. He said that the family is eight months behind on its $6-a-month rent and is in danger of being evicted, with nowhere to go.
Mr. Obamza goes drinking several times a week at a village bar, spending about $1 an evening on moonshine. By his calculation, that adds up to about $12 a month — almost as much as the family rent and school fees combined.

Having recently spent this past weekend in Memphis, Tennessee, and witnessing low-income folks with items such as rented Cadillacs with fancy, tricked-out rims and expense sneakers, I am inclined to believe the conclusions of this editorial.

Of course, it doesn't help that the recession and predatory-lending has been hollowing-out the black middle class in Memphis, either.

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