In my quest to answer the preceding question, I went to the BLS website and found some interesting data on consumer income versus expenditures. I copied the most important data (number of consumer units within an income range, income after taxes and total expenditures) into Excel. I came up with the following (click on image for enlargement):
I noticed that the negative post-expenditure number didn't stop until consumers hit the $40,000 income range. This meant that a total of 52,635,000 households, or 43.8%, were spending more than they were taking in.
Are we supposed to believe that ALL of the people who make less than $40,000 are irresponsible?