Nearly 40% of Americans can't cover a surprise $400 expense

Discussion in 'The Locker Room' started by UpAndComing, Aug 18, 2019.

  1. UpAndComing

    UpAndComing Veteran

    Joined:
    Aug 18, 2013
    Messages:
    23,925
    Daps Received:
    100,864
    Reputation:
    7,450
    Coli Cash:
    $315500.00

    Nearly 40% of Americans can't cover a surprise $400 expense


    Nearly 40 percent of Americans would struggle to cover an unexpected $400 expense, according to a new report by the Federal Reserve — a stark reminder of many people's financial insecurity even amid solid economic growth. "Relatively small, unexpected expenses, such as a car repair or replacing a broken appliance, can be a hardship for many families without adequate savings," the researchers found.

    With political campaigns for the 2020 election heating up, such figures provide fodder for candidates who argue the economy is hobbled by searing inequality and vulnerable to a downturn after 10 years of growth since the last recession. The data also highlight what is often a disconnect between "headline" economic numbers, such as unemployment and gross domestic product, that pundits and politicians often trumpet and the more complex reality facing millions of Americans.

    What that means on the ground: Even a thriving economy can leave people close to the edge. The Fed found that 27% of survey respondents would have to borrow money or sell something to cover a $400 emergency — 12% couldn't cover it at all. Other findings from the annual Fed report, which is based on a survey last fall of 11,000 people:

    17% of U.S. adults are unable to pay all of their bills in full every month.

    25% of Americans skipped necessary medical care in 2018 because they couldn't afford the cost.

    30% of families must cope with income that that varies from month to month.

    25% of adults who are still in the labor force have no retirement savings or pension.

    30% of people either can't pay their bills or are one modest financial emergency from serious trouble.

    "Across the country, many families continue to experience financial distress and struggle to save for retirement and unexpected expenses," Fed Reserve Board Governor Michelle Bowman said in a statement that accompanied the report.




    Just heard it on the news, and had to look it up :picard:
     
    Mannish, Dray5K, Wild self and 15 others dapped this.
  2. track 1

    track 1 Superstar

    Joined:
    May 1, 2012
    Messages:
    17,757
    Daps Received:
    31,902
    Reppin:
    Dallas
    Reputation:
    -6,160
    Coli Cash:
    $345000.00

    This is bs


    Or maybe all the people I know are rich :manny:
     
  3. Kuwka_Atcha_Ratcha

    Kuwka_Atcha_Ratcha All Star

    Joined:
    Jul 17, 2012
    Messages:
    10,835
    Daps Received:
    11,610
    Reppin:
    NULL
    Reputation:
    -3,630
    Coli Cash:
    $345000.00

    • Low Quality Posting
    Usa aside from ny, la, fl, tx, is mostly a 3rd world country
     
    Mannish, EMY, easymoneysniper and 28 others dapped this.
  4. BlackMoney

    BlackMoney All Star

    Joined:
    Jul 17, 2018
    Messages:
    2,951
    Daps Received:
    11,444
    Reputation:
    180
    Coli Cash:
    $500.00

    How many have new phones, new cars, and houses they can't afford? How often do they eat out?

    Can't throw this statistic out there without going into good detail. Folks could make $100k/yr and still be broke
     
    Clive42, havoc, Dray5K and 41 others dapped this.
  5. Silkk

    Silkk Life Is Great!

    Joined:
    May 2, 2012
    Messages:
    131,255
    Daps Received:
    300,992
    Reputation:
    13,040
    Coli Cash:
    $15.00

    No shyt
     
  6. MoveForward

    MoveForward Superstar

    Joined:
    Dec 19, 2017
    Messages:
    2,340
    Daps Received:
    13,364
    Reputation:
    490
    Coli Cash:
    $500.00

    I don't believe it...
     
    Swirv and 1 other person dapped this.
  7. jerniebert

    jerniebert Superstar Supporter

    Joined:
    May 2, 2012
    Messages:
    8,300
    Daps Received:
    29,495
    Reppin:
    Fresno, Ca
    Reputation:
    2,260
    Coli Cash:
    $172944.00

    I thought the economy was doing great. How can this be.:francis:
     
  8. hayesc0

    hayesc0 Veteran Supporter

    Joined:
    May 1, 2012
    Messages:
    34,734
    Daps Received:
    101,397
    Reputation:
    7,300
    Coli Cash:
    $220.00

    I believe it if you don't you might not be living in the real world.
     
  9. Wildhundreds

    Wildhundreds Superstar Supporter

    Joined:
    Nov 18, 2016
    Messages:
    4,127
    Daps Received:
    20,962
    Reputation:
    710
    Coli Cash:
    $500.00

    Guess im blessed, according to this..
     
  10. NotAnFBIagent

    NotAnFBIagent Veteran

    Joined:
    Apr 15, 2015
    Messages:
    21,383
    Daps Received:
    96,656
    Reputation:
    4,380
    Coli Cash:
    $194500.00

    Thecoli.com
     
  11. Vae Victis

    Vae Victis Superstar

    Joined:
    Jun 27, 2012
    Messages:
    12,671
    Daps Received:
    55,376
    Reppin:
    Louisiana
    Reputation:
    5,370
    Coli Cash:
    $3.00

    I can believe it. Alot of Americans are basically indentured servants some just have nicer stuff . Most of our money is accounted for before we even earn it. This check I have to pay my rent/mortgage, utilities, grocery shopping,credit cards/student loans etc.. Next check I have to pay my life insurance, health insurance, car insurance, car note, etc.
    And we basically live trapped in this cycle till we die
     
    Clive42, Mannish, Hydroking23 and 100 others dapped this.
  12. phcitywarrior

    phcitywarrior Superstar

    Joined:
    Nov 19, 2016
    Messages:
    6,681
    Daps Received:
    15,593
    Reppin:
    DC - Lagos - Abuja - Port Harcourt
    Reputation:
    3,260
    Coli Cash:
    $940.16

    Debt :yeshrug:
     
  13. Killmonger

    Killmonger Veteran Hall of Shame Supporter

    Joined:
    Aug 3, 2012
    Messages:
    20,139
    Daps Received:
    114,378
    Reputation:
    -1,130
    Coli Cash:
    $344500.00


    Ask them what those credit card bills look like
     
    Clive42, Dray5K, MillionMills and 28 others dapped this.
  14. Kuwka_Atcha_Ratcha

    Kuwka_Atcha_Ratcha All Star

    Joined:
    Jul 17, 2012
    Messages:
    10,835
    Daps Received:
    11,610
    Reppin:
    NULL
    Reputation:
    -3,630
    Coli Cash:
    $345000.00

    You talking bout a country where service people BEG the customer for money and call it a tip, yeah i can easily believe this
     
    Clive42, Afro, shroommon and 49 others dapped this.
  15. KENNY DA COOKER

    KENNY DA COOKER Are you SERIOUS?!? Supporter

    Joined:
    Jun 9, 2012
    Messages:
    29,858
    Daps Received:
    156,699
    Reputation:
    12,380
    Coli Cash:
    $489444.00

    Its true

    Cause most people don't even have at least 1,000 dollars in thier savings
     
    Afro, Dray5K, MillionMills and 55 others dapped this.

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice