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More Than Half Of All Americans Can’t Come Up With $400 In Emergency Cash… Unless They Borrow
Personal Liberty Digest ^ | August 11, 2014 | Ben Bullard

Posted on 08/26/2014 3:51:12 PM PDT by SeekAndFind

Count yourself fortunate, or something, if you’re among the 48 percent of Americans who can cough up a spare $400 in emergency cash without having to beg, borrow or steal.

According to a Federal Reserve report on American households’ “economic well-being” in 2013, fewer than half of all Americans said they’d be able to come up with four Benjamins on short notice to deal with an unexpected expense.

The report, released last week by the Board of Governors of the Federal Reserve, indicates a disparity between how Americans view their financial situation and the reality of where their finances actually stand — a signal that the recession of the late 2000s fundamentally altered the concept of doing well for many, as well as an indication that the subsequent recovery may yet be more nominal than real.

Under a section titled “Savings,” the report notes that “[s]avings are depleted for many households after the recession,” and lists the following findings:

* Among those who had savings prior to 2008, 57 percent reported using up some or all of their savings in the Great Recession and its aftermath.

* 39 percent of respondents reported having a rainy day fund adequate to cover three months of expenses.

* Only 48 percent of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.

Obviously, an enormous financial gulf separates the 39 percent who can live for three months off their savings and the 48 percent who can’t even come up with an extra $400 on their own.

“Overall, the survey found that many household were faring well, but that sizable fractions of the population were at the same time displaying signs of financial stress,” the report observed.

(Excerpt) Read more at personalliberty.com ...


TOPICS: Business/Economy; Society
KEYWORDS: americaindecline; debt; economy; emergency; obamaconomy; obamalaise; poverty; standardofliving; unemployment
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To: OA5599

It can be very expensive not to know anything about cars. And do you really need an $1800 fridge?


21 posted on 08/26/2014 4:43:35 PM PDT by ozzymandus
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To: SeekAndFind
Board of Governors of the Federal Reserve, indicates a disparity between how Americans view their financial situation and the reality of where their finances actually stand

They better keep printing money so everyone will be equally poor!
22 posted on 08/26/2014 4:43:59 PM PDT by PA Engineer (Liberate America from the Occupation Media.)
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Comment #23 Removed by Moderator

To: SeekAndFind

Yet these same unlucky people come up with money every month for lotto tickets, cigarettes, liquor, pot, Starbucks.


24 posted on 08/26/2014 4:47:11 PM PDT by informavoracious (Open your eyes, people!)
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To: SeekAndFind; GeronL; Slings and Arrows

Has the Obamconomy worked for you?

Embrace the suck.

Obamalaise is here.


25 posted on 08/26/2014 4:47:54 PM PDT by a fool in paradise (ISIS has started up a slave trade in Iraq. Mission accomplshed, Barack, Mission accomplished.)
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To: Billthedrill
As they say in Denver:


26 posted on 08/26/2014 4:51:20 PM PDT by a fool in paradise (ISIS has started up a slave trade in Iraq. Mission accomplshed, Barack, Mission accomplished.)
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To: Robe

Piston Slap can exist for a long time without repair.


27 posted on 08/26/2014 4:54:29 PM PDT by Paladin2
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To: SeekAndFind; Kartographer

Hi Kart! Am wondering if this is ping-worthy for those who are seeking to be prepared.


28 posted on 08/26/2014 4:54:52 PM PDT by TEXOKIE (We must surrender only to our Holy God and never to the evil that has befallen us.)
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To: a fool in paradise

>> “Obamalaise is here.” <<

.
Is that a new glucose-free salad dressing?


29 posted on 08/26/2014 4:55:53 PM PDT by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: DeepInTheHeartOfTexas

I like the way you think!


30 posted on 08/26/2014 4:56:51 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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Comment #31 Removed by Moderator

To: editor-surveyor

32 posted on 08/26/2014 5:03:40 PM PDT by a fool in paradise (ISIS has started up a slave trade in Iraq. Mission accomplshed, Barack, Mission accomplished.)
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To: SeekAndFind

Got that much in the gun safe. Actually I got more than that in the gun safe. What’s the matter with people.


33 posted on 08/26/2014 5:08:02 PM PDT by Vermont Lt (Ebola: Death is a lagging indicator.)
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To: SeekAndFind
Our nation produces regulations to prevent new, small, domestic business competition and borrows from producing countries, so that some folks can pay for imported products from those countries. Quite an economy, eh?

Heavy Hitters: Top All-Time Donors, 1989-2014
http://www.opensecrets.org/orgs/list.php
American Fedn of State, County & Municipal Employees $60,949,129 [Democrat] 81% [Republican] 1%”
National Cmte to Preserve Social Security & Medicare $10,414,606 [Democrat] 82% [Republican] 17%

Leviathan (Uncle Sam employs more people than you think)
National Review ^ | 02/03/2011 | Iain Murray
"...nearly 40 million Americans employed in some way by government."

About "70 million" people are receiving good incomes but are also steeped in debt, and most of them can't borrow more for big ticket items.

More Than 101 Million Working Age Americans Do Not Have A Job
http://www.freerepublic.com/focus/f-bloggers/3005481/posts


34 posted on 08/26/2014 5:10:20 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: SeekAndFind

Pfl


35 posted on 08/26/2014 5:13:33 PM PDT by Clump ( the tree of liberty is withering like a stricken fig tree)
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To: SeekAndFind

Unless they borrow?

Shoot. Here’s info on how 1/2 of Americans could not come up with $2000.00

AT ALL!

http://www.freerepublic.com/tag/twothousand/index?tab=articles


36 posted on 08/26/2014 5:14:37 PM PDT by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: SeekAndFind

At the rate the Fed is printing money, a roll of toilet paer will have more value than four Franklins, and it’s softer too.


37 posted on 08/26/2014 5:16:38 PM PDT by TADSLOS (The Event Horizon has come and gone. Buckle up and hang on.)
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To: SeekAndFind

Can I just send the bill to the chumps who pay taxes???


38 posted on 08/26/2014 5:18:11 PM PDT by Organic Panic
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To: Robe

That is a string of bad breaks- and expensive ones at that.
I’ll pray you hit a streak of good ones.


39 posted on 08/26/2014 5:26:08 PM PDT by Clump ( the tree of liberty is withering like a stricken fig tree)
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To: Paladin2
Thanks all for your input. But I should have included a “Post Mortem”
After pulling the engine ( 6 cyl) the #4 piston had broken off the piston skirt and was cracked right up to the connecting rod.
I doubt it would have made it the 6-800 mile trip home... didn't want to chance being marooned in the middle of nowhere on I-81.
For you mech types, I'm pretty good at Jeeps having restored 2 of ‘em, one from frame up.
What I was trying to get across is as a retired couple we had a pretty good emer. cash horde.
We have to start over putting away any and all cash in to savings.. we were Lucky to have had that nest-egg.
We'll get back soon.. but the REAL WORST part was emptying out that frig... it was like science experiment gone bad in there
40 posted on 08/26/2014 5:35:30 PM PDT by Robe (Rome did not create a great empire by talking, they did it by killing all those who opposed them)
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