Monday, May 31, 2010

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

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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