RSN Fundraising Banner
FB Share
Email This Page
add comment
Print

Holms Writes: "In a recent survey, 56 percent of Americans said they have less than $1,000 in their checking and savings accounts combined, Forbes reports. Nearly a quarter (24.8 percent) have less than $100 to their name."

More than 45 million Americans are still stuck below the poverty line. (photo: Spencer Platt/Getty Images)
More than 45 million Americans are still stuck below the poverty line. (photo: Spencer Platt/Getty Images)


More Than Half of Americans Reportedly Have Less Than $1,000 to Their Name

By Jack Holms, Esquire

16 January 16

 

According to a new survey.

n a recent survey, 56 percent of Americans said they have less than $1,000 in their checking and savings accounts combined, Forbes reports. Nearly a quarter (24.8 percent) have less than $100 to their name. Meanwhile, 38 percent said they would pay less than their full credit card balance this month, and 11 percent said they would make the minimum payment—meaning they would likely be mired in debt for years and pay more in interest than they originally borrowed. It paints a daunting picture of the average American coming out of the spend-heavy holiday season: steeped in credit card debt, living paycheck-to-paycheck, at serious risk of financial ruin if the slightest thing goes wrong.

It's a reminder that, while the larger economy has steadily recovered from the Great Recession, the gains have not yet surfaced at the local level. Another study reports that just 65 of the 3,069 counties in the U.S. have fully recovered from the near-collapse in 2008. But it also speaks to the enduring effect of decades of wage stagnation, when many Americans' pay has not kept up with inflation and they have been left further and further behind.

e-max.it: your social media marketing partner
 

Comments   

We are concerned about a recent drift towards vitriol in the RSN Reader comments section. There is a fine line between moderation and censorship. No one likes a harsh or confrontational forum atmosphere. At the same time everyone wants to be able to express themselves freely. We'll start by encouraging good judgment. If that doesn't work we'll have to ramp up the moderation.

General guidelines: Avoid personal attacks on other forum members; Avoid remarks that are ethnically derogatory; Do not advocate violence, or any illegal activity.

Remember that making the world better begins with responsible action.

- The RSN Team

 
-25 # JoaquinWalking 2016-01-16 15:57
I don't believe it! Didn't President Barack Obama say in his State of the Union address that "We’re in the middle of the longest streak of private sector job creation in history. More than 14 million new jobs, the strongest two years of job growth since the ‘90s, an unemployment rate cut in half." Of course he didn't mention that 94 million Americans are unemployed (A/P). Or that Reuters put the unemployment rate at 40% in contrast to the government's rate of 5%.

Barack the Magnificent: The All Knowledgeable, The All Merciful, The All Kind, The All Beneficent.
 
 
+21 # kevenwood 2016-01-16 23:41
https://www.washingtonpost.com/news/fact-checker/wp/2014/01/30/are-there-91-million-americans-on-the-sidelines-looking-for-work/

Sorry, but upon fact checking this repeated Republican talking point and outrageous statement, that "94 million Americans are unemployed" out of 317 million US citizens, it is clear that this is a wildly false narrative.

As the article posted above shows, this is funny math as it combines everyone not working who is over 16, including a gigantic number of retired persons as well as stay at home moms/dads, teenagers in school, college students, people not fit to work, people who aren't looking for work, etc. etc.

Bottom line -- only around 6 million are looking for work that can't get work. And that's a pretty low number.

I'm not saying our economy is great for everyone, etc., just that this statement is patently false.
 
 
+1 # Depressionborn 2016-01-18 03:38
Sorry keven, is this true or false?

"In a recent survey, 56 percent of Americans said they have less than $1,000 in their checking and savings accounts combined,"?

You were unclear
 
 
+30 # Carol R 2016-01-17 03:55
Most of the jobs that have been created don't pay well. Combine that with record profits made by corporations who are paying depressed salaries and its no wonder many Americans are having a difficult time.
 
 
+22 # tswhiskers 2016-01-17 09:34
That MAY be true Joaquin. But Obama didn't mention the average wage or salary of those employed. Chances are very good that most Americans make around $7 or $8. per hr. If you call this a living wage, you must live in a cardboard box. You may blame Obama for this; I blame the hundreds of corporations now manufacturing their goods in China, Mexico, Bangladesh, the Marianas, even Africa, Vietnam. This was done by corporations looking to make more money and with the blessing of the Republican establishment.
 
 
0 # Thinking 2016-01-17 12:07
It appears that JoaquinWalking' s entire post was not read. "I don't believe it seems to be sarcasm, followed by "unemployment rate at 40%"
 
 
+13 # lfeuille 2016-01-16 23:56
Obama really should not have spent so much time bragging about the economy in his speech. Having a job that doesn't pay enough to live on does not solve anyone's problem.
 
 
+35 # newell 2016-01-17 05:23
There's only one candidate addressing these issues. VOTE BERNIE!!
 
 
+9 # Charles3000 2016-01-17 08:27
Those statistics prove what I have long contended; that our central bank (Fed) does not have the tools needed to control the money supply and employment. Congress shuffled that responsibility over onto them but did not give them the tools to do the job. The govt held the perfect tools to do both; maintain the money supply/price stability and maintain full employment. Those tools are taxing (to control the money supply) and spending to maintain employment and equitable distribution of money. We have a sick and antiquated monetary system. It worked OK when gold was money and nature controlled the money supply but it does not work in this era of fiat money.
 
 
+8 # Tippitc 2016-01-17 16:02
President Obama thinks TPP is a good idea - WTH?! The last thing we need is another corporate giveaway aka trade agreement. NAFTA sure has worked well - NOT!!
 
 
+3 # Buddha 2016-01-18 11:56
Well, duh, welcome to the consequences of 30+ years of Reaganomics and neo-liberal tax and trade policies.
 
 
0 # Rainphase 2016-01-21 01:06
I wonder what that number looks like with student debt or other forms of debt (such as an underwater mortgage). Where you may have over $1,000 in emergency savings but still owe $20,000 to the bank that bought your loan.
 

THE NEW STREAMLINED RSN LOGIN PROCESS: Register once, then login and you are ready to comment. All you need is a Username and a Password of your choosing and you are free to comment whenever you like! Welcome to the Reader Supported News community.

RSNRSN