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

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    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:
     
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  2. track 1

    track 1 Superstar

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    This is bs


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

    Kuwka_Atcha_Ratcha Superstar

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    • Low Quality Posting
    Usa aside from ny, la, fl, tx, is mostly a 3rd world country
     
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  4. Ezekiel 25:17

    Ezekiel 25:17 Superstar

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    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
     
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  5. Silkk

    Silkk Life Is Great!

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    No shyt
     
  6. MoveForward

    MoveForward Superstar

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    I don't believe it...
     
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  7. jerniebert

    jerniebert Superstar Supporter

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

    hayesc0 Veteran Supporter

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

    Wildhundreds Superstar Supporter

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

    NotAnFBIagent King Kong ain't got shii on me!

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    Thecoli.com
     
  11. Vae Victis

    Vae Victis Superstar

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    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
     
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  12. phcitywarrior

    phcitywarrior Superstar Supporter

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    Debt :yeshrug:
     
  13. Killmonger

    Killmonger Veteran Hall of Shame Supporter

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    Ask them what those credit card bills look like
     
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  14. Kuwka_Atcha_Ratcha

    Kuwka_Atcha_Ratcha Superstar

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

    KENNY DA COOKER HARD ON HOES is not a word it's a LIFESTYLE Supporter

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    Its true

    Cause most people don't even have at least 1,000 dollars in thier savings
     
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