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I thought I'd publish the original report on iTulip since pieces and parts are being picked up by several media outlets now that NPR and ProPublica reported on this yesterday. It's always best to form your opinions from the source material.
There is new research out from ADP showing that 7.2% of the 13MM Americans who's pay is processed by ADP are having their wages garnished, (debt recovery by seizure), by as much as 25% of take home pay.
Garnishment debts in order of size are for child support, "other", (mostly credit cards and student debt), tax levies and bankruptcy.
It's a big concern since we already know the economic middle is being carved out in the US.
I didn't see exact numbers for the total but after child support it's several billions of dollars cycling away from workers back to the government and FIRE.
And I have a question for other iTulipers...have I missed something? See page 8 of the report. Doesn't 41.5% of 7.2%=3% and not 3.4%? In total the four parts add up to 8.2%. Same goes for the other calculations on the page. As I said, I might have missed something. I just asked ProPublica directly so hopefully they'll respond.
The report:
http://www.propublica.org/documents/...nt-report.html
There is new research out from ADP showing that 7.2% of the 13MM Americans who's pay is processed by ADP are having their wages garnished, (debt recovery by seizure), by as much as 25% of take home pay.
Garnishment debts in order of size are for child support, "other", (mostly credit cards and student debt), tax levies and bankruptcy.
It's a big concern since we already know the economic middle is being carved out in the US.
I didn't see exact numbers for the total but after child support it's several billions of dollars cycling away from workers back to the government and FIRE.
And I have a question for other iTulipers...have I missed something? See page 8 of the report. Doesn't 41.5% of 7.2%=3% and not 3.4%? In total the four parts add up to 8.2%. Same goes for the other calculations on the page. As I said, I might have missed something. I just asked ProPublica directly so hopefully they'll respond.
The report:
http://www.propublica.org/documents/...nt-report.html