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Economy
Half of Americans are just one paycheck away from financial disaster
2019-05-17
[Market Watch] Missing more than one paycheck is a one-way ticket to financial hardship for nearly half of the country’s workforce.
No doubt at least a quarter of that group are in the upper middle class, income-wise, choosing to live at the edge of their means. It used to be called keeping up with the Joneses.
A new study from NORC at the University of Chicago, an independent social research institution, found that 51% of working adults in the United States would need to access savings to cover necessities if they missed more than one paycheck.
Does this mean over half actually have savings accounts? And isn’t that what savings accounts are for?
Certain communities were more prone to economic hardship in the event of missing a paycheck. Roughly two-thirds of households earning less than $30,000 annually
...the working poor, who nowadays get food stamps and other forms of aid for exactly that reason...
and Hispanic households
...is that code for illegal immigrants? Why else pick them out, but not African-Americans?
would be unable to cover basic living expenses after missing more than one paycheck, the researchers found.

The findings were based on a survey of more than 1,000 adults. The researchers interviewed a nationally representative panel designed to be indicative of the U.S. population.

The survey provides a sobering look at Americans’ precarious finances even as the economy is improving, jobs are more plentiful and the stock market has ‐ despite this week’s volatility ‐ generally continued its upward trajectory this year.
The usual situation during recovery after a crash. This time it was made longer and deeper by vast ladlefuls of excessive regulations poured on by the Obama administration, including Obamacare.
Though wage growth has accelerated recently, those gains have been concentrated among the wealthiest Americans most.
But the vast number of newly employed has been concentrated among the formerly non-working poor, giving them the first step up the skills-and-salary ladder.
Posted by:Besoeker

#11  I seem to remember hearing this same statistic decades ago.

Been there. Luckily my job didn't go away.
Posted by: james   2019-05-17 21:36  

#10  8 years of Obama drained most peoples savings and we were told it was a great economy.
Posted by: rschwarz   2019-05-17 15:00  

#9  I need a second mortgage so I can buy more stuff.
Posted by: Abu Uluque   2019-05-17 14:08  

#8  AOC, Bernie and Warren will run on "If other people have money and you don't, we have plans to fix that..."
Posted by: M. Murcek   2019-05-17 09:59  

#7  Just print more money to cover the shortfall - problem solved!
Posted by: Raj   2019-05-17 09:32  

#6  Wouldn't the 'working poor' be better off if they/we didn't have to pay all those taxes? Sales taxes up front and all the intermediary taxes levied on stuff from the ground to the store shelves? Strange how the pols never bring that up.
Posted by: Procopius2k   2019-05-17 08:56  

#5  Guaranteed National Incomes NOW, or we shall surely all DIE !
Posted by: Besoeker   2019-05-17 08:43  

#4  If only we had a government safety net like say Venezuela
Posted by: Regular joe   2019-05-17 08:09  

#3  The Gubbamint Teat
Posted by: Frank G   2019-05-17 07:28  

#2  would need to access savings to cover necessities if they missed more than one paycheck.

What would you expect them to use, the change in the couch?
Posted by: AlanC   2019-05-17 07:23  

#1  Looking for a government hand out
Posted by: Uleck Spererong9442   2019-05-17 06:37  

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