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ffr

(22,649 posts)
Tue Jan 22, 2019, 04:15 PM Jan 2019

Government shutdown exposes a harsh truth: Most Americans are unprepared for the next recession

Almost 60% of Americans have less than $1,000 in savings


The government shutdown, the longest in history, comes with a hidden revelation: Millions of Americans are financially unprepared for the next economic downturn. Worse, they are highly vulnerable, with few protections available to them.

Ten years after the financial crisis, the economic recovery has left millions behind with little to no savings, and the government shutdown serves as a preview for what will happen once unemployment rises from 50-year lows.
<snip>

Why do a few weeks without pay turn into a crisis for many families? Simple: Nearly 80% of Americans live paycheck to paycheck.
<snip>


- Marketwatch
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Government shutdown exposes a harsh truth: Most Americans are unprepared for the next recession (Original Post) ffr Jan 2019 OP
People survive with credit for short ones Johnny2X2X Jan 2019 #1
Message auto-removed Name removed Jan 2019 #2
File under Sherlock, Shit No gratuitous Jan 2019 #3

Johnny2X2X

(18,745 posts)
1. People survive with credit for short ones
Tue Jan 22, 2019, 04:33 PM
Jan 2019

Basically, most people are still paying down their credit from the last recession. When they become unemployed they'll run their cards up in no time. There is a mindset that available credit is equal to savings.

I'm absolutely guilty of it myself and I'm doing quite well financially right now.

Response to ffr (Original post)

gratuitous

(82,849 posts)
3. File under Sherlock, Shit No
Tue Jan 22, 2019, 04:41 PM
Jan 2019

Let's see, we don't fund the government's current obligations because wealthy people don't want to pay taxes. So we empty the Treasury into their overstuffed pockets. Then we install an ignoramus who doesn't know jack-shit about how government works. For 40 years, we run a system where it's okay to underpay workers filch what little they do accumulate is filched dollar by dollar through a series of little robberies. Real estate gets priced into the stratosphere so fewer people are building equity in their homes that can be borrowed against.

And surprise! Nearly 3/4 of the populace have less than $5,000 saved up, because every penny they earn is spent month to month on food, clothing, and shelter.

But I'll bet we can still look forward to a month of scolding from the millionaires who control our daily conversation in the media.

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