May 19, 2016 at 7:50 pm #19995VitalogyParticipant
Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to a poll released Thursday, a signal that despite years of recovery from the Great Recession, Americans’ financial conditions remains precarious as ever.
These financial difficulties span all income levels, according to the poll conducted by The Associated Press-NORC Center for Public Affairs Research. Seventy-five percent of people in households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill. But when income rose to between $50,000 and $100,000, the difficulty decreased only modestly to 67 percent.
Even for the country’s wealthiest 20 percent — households making more than $100,000 a year — 38 percent say they would have at least some difficulty coming up with $1,000.
Think about that for a second. $1000?
We all know poorer households can’t come up with that kind of money and they will always exist no matter what, but when 38% can’t come up with $1000 in a pinch and make $100K+, I think this shows just how out of touch our country is on the REALITY of their personal financial position.
This isn’t an issue of a poor economy, it’s an issue of people living beyond their means and buying shit they don’t need and don’t deserve to buy.
And the rub is these people with shitty spending habits turn around and blame the economy and others when the blame lies in the mirror.May 19, 2016 at 9:28 pm #19997BroadwayParticipant
Agree with you Vit…takes real responsibility/restraint/self control fiscally to run a household let along a business or a government. Sure money can make things easier in life but simple math saying take in more than you spend each month really works…just save up and pay cash for the toys/stuff. I know Chris will jive in here soon…Mr. Conservative Spender!May 20, 2016 at 6:47 am #20003AmusParticipant
I was going to comment that anyone who makes $100,000 and can’t come up with $1,000 for an emergency has serious priority issues.
Then I remembered that we live in a country where just getting sick can wipe you out financially overnight.May 20, 2016 at 10:57 am #20008LurkingGrendelParticipant
The average family is one major illness or accident away from total bankruptcy.
#Merica!May 20, 2016 at 11:17 am #20009bookemdonoParticipant
And it’s those families closest to that precipice, like the low income families, that tend to vote for the Republicans that view Obamacare as the end of this country as we know it.May 20, 2016 at 6:31 pm #20025VitalogyParticipant
It’s a vicious cycle. But it’s all related.
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