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

[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.

[ozzymandus]

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

[PA Engineer]

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!

[informavoracious]

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

[a fool in paradise]

Has the Obamconomy worked for you?

Embrace the suck.

Obamalaise is here.

[a fool in paradise]

As they say in Denver:

[Paladin2]

Piston Slap can exist for a long time without repair.

[TEXOKIE]

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

[editor-surveyor]

>> “Obamalaise is here.” <<

.
Is that a new glucose-free salad dressing?

[Still Thinking]

I like the way you think!

[a fool in paradise]

[Vermont Lt]

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

[familyop]

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

[Clump]

Pfl

[Responsibility2nd]

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

[TADSLOS]

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.

[Organic Panic]

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

[Clump]

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

[Robe]

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