Amazes and perplexes me how the average low info voter (as Rush said) can’t do simple searches and check these things out. Truly sheeple they want the MSM to tell them what to think.
The lack of cash in either savings or checking accounts suggests......................
Savings accounts didn’t make much sense when they yielded 1% and inflation was 9%. With yields around 5% at banks chasing deposits, they make a little bit more sense now.
Actual statistic, rather than this bull is:
Overall, Americans have a median of $5,300 and an average of $41,800 in available savings.
I can’t imagine how people do it with 500 dollars in savings. Heck, my HVAC was 8500. And the roof…..grrrr. It must be so difficult coming up with big purchases. I’d imagine day to day is ok with 500 bucks. But there is always some crazy expense with a house. Always unexpected as well or at least was hoping a few more years before replacement.
Congress knows this. Who do they think is going to pay the growing 34 T debt? Won’t be the American people
Period.
And yet the Briben Regime is handing out cash to millions of illegal aliens and sending $billions to the Ukraine money laundry with the help of assistant democRATS in congress.
Americans for the most part are financially ignorant. They not only don’t know the fundamentals of money, they don’t know what they don’t know.
The basic on financial matters should be taught in the home and failing that in schools. I would think the freshman year in High Schools should have one class on Home Economics (not cooking but money).
At least they don’t have to put up with any mean tweets coming out of the White House by an orange bad man. Fair trade off if you ask me.
Saving is a habit. Decades ago, when I went into business for myself I managed to save up 6 months expenses. I never touched it except to add a little as expenses increased. I opened a second one for repairs. Just putting in $10 here and there and now I’m covered for unexpected household costs like replacing an appliance or helping cover most of the cost of a roof.
You just have to think of savings as a one way proposition. You would be surprised at how much you can save if you stop thinking you have to put away large amounts.
Inflation has destroyed the purchasing power of the dollar. If you had 100 dollar bill in 1970 and stuck it in a book and forgot about it, and found it today, You would need $1000 to buy the same amount of goods as in 1970.
I watched an old movie last night. Divorce, American Style(1967) in which Dick Van Dyke goes into a MacDonalds and buys a double meat cheesburger, fries and a coke. Total cost in 1967...57 cents.
Well THAT will be gone soon. Biden will take it to pay off his new best friends ILLEGALS in exchange for voting for him AT LEAST 5 times each. After all his poll says he has 23% support he needs MANY new voters running in daily mail-in ballots to catch up to Trump. Stuff the boxes should be his new slogan.
What’s aggravating is for many of those with less than $500 cash always seem to have money for cigarettes, alcohol, and dope.
Other people’s irresponsibility, in their monetary choices or even the way they vote is not my problem, but I’m sure given enough time the government will make it my problem
When we were young and poor, we had pittances in a classic low-yield passbook savings. With good credit, a sudden need for cash wouldn’t have been a problem. Nowadays, anyone can get a credit card to boot.
Savings account?
It’s even worse when you’re old and retired. COL raises don’t help cover inflation. My “savings” had to be closed because the bank started charging me a monthly fee for not having enough in it. Such is life.
Geez I’d have beaten those numbers in 1995 and a buck was worth more back then. How do people live that close to catastrophe? I mean five bills or even twentfive hundred bills can be wiped out today by one (1) visit to the car mechanic alone.
Many don’t keep too much in their bank savings account and have it invested elsewhere but I suspect they mean total savings everywhere.
Glenn Beck cited a study yesterday about inflation that said that almost everything is 33% higher in price than when Biden took office - despite the media and government claiming the ‘rate of inflation’ has cooled and the ‘job market is better than ever’ (sure, if you want a part-time job and/or like competing with foreigners) - while wages have increase ≈ 4%.
One look at my grocery and utility bill tell me this is true.
“Federal stats show since October 2019, foreign-born workers gained 3 million jobs, native born lost 1.4 million”
https://twitter.com/zerohedge/status/1746929670308671524
Understandable that people are “living on the edge” -my neighbor told me that he’s had to dip into his 401 to pay his mortgage (after losing his job at age 60).
We are headed for a Revolution with this wealth inequality.
The fact is, the Democrats have always been the Party of The Rich, depsite their rhetoric.
The rich are doing great under Biden.