Four in 10 Americans can't cover a $400 emergency expense, Fed finds

[turbinetree]

Four in 10 Americans are unable to cover an unexpected expense of $400 or more without resorting to borrowing money or selling some of their possessions, a Federal Reserve annual economic survey has found.

At the same time, the Fed’s fifth annual Survey of Household Economics and Decisionmaking found that in 2017 one in five Americans knew someone who was addicted to opioids or painkillers.

The grim statistics come against a backdrop of a low 3.9% unemployment rate and an economy widely seen as performing strongly – though largely failing to tackle inequality. The stock market, too, has been on a boom in recent years and many corporations are reporting strong profits.

“Even with the improvement in financial outlook, however, 40% [of Americans] still say they cannot cover a $400 emergency expense, or would do so by borrowing or selling something,” said Federal Reserve Board governor Lael Brainard in a statement.


https://www.theguardian.com/business/2018/may/22/federal-reserve-emergency-expense-economic-survey


But 1.5 trillion tax cut went to the grifters...............and the 40% will still vote republican, that can't afford to find $400.00 dollars to cover emergency expenses .............

[amerikat]

1. I am not well off. Make a living wage.

I save a bit of it, just to help others that would collapse without a few hundred bail out. The politics is one thing.
Helping others survive a crisis helps me too. Gives a purpose in life. Pay it forward.

[lpbk2713]

2. Meanwhile Trump continues his golf weekends.

And tries to come up with new ways to screw the other 95%.

[PoindexterOglethorpe]

3. I've been seeing this statistics for at least a year now.

Aside from wanting universal health care and a roll back of the tax cuts for the wealthiest, I think every citizen and legal resident ought to get some minimum in Snap. Maybe $60/month unless you qualify for more. You'd be issued a debit card that would have the money loaded on each month, and any unused portion would simply disappear at the end of the month.

I am not poor enough to qualify, but I am on a very tight budget, so I'd find that helpful. Or I'd use the amount to buy food for the homeless.

A friend of mine has taken up buying $5 gift cards for McDonalds, and whenever a homeless person asks her for money, she gives out one of those. That's wonderful, and McDonald's or any other fast food chain is a good choice, because they're everywhere, and homeless people have no way of cooking food, so they invariably have to purchase ready to eat which is hideously expensive.

[Turbineguy]

4. We'll still be able to watch TV programs

of happy people won't we?

[Wounded Bear]

5. Hell, I can't afford to get the oil changed in my car...

and it's already overdue.