Sunday, March 7, 2021

Tag: 97 Million American Workers Are Living Paycheck To Paycheck

97 Million American Workers Are Living Paycheck To Paycheck

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from ZeroHedge:

As we’ve noted time and time again, the number of Americans scraping by with almost no money in their savings account (if they even have a savings account) is staggeringly high – and growing.

As the Motley Fool pointed out in a recent post, the St. Louis Federal Reserve, the personal saving rate in June 2017 was a measly 3.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, or $3.80 for every $100 they earn. With the median household income in the US at just north of $50,000, that would amount to about $4,000 a year.  

And that’s when they’re saving money. Another study from GoBankingRates found that 69{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of Americans surveyed had less than $1,000 in savings. And about one-third had no money in reserve.

Considering that the US economy is 70{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} based on consumption, Americans are probably over-consuming rather than saving. The Federal Reserve recently released data showing that aggregate credit card debt had hit an all-time high of $1.027 trillion, eclipsing the previous high that was set before the Great Recession. Add in another trillion of auto-loan debt and $1.4 trillion in student-loan debt, and the aggregate debt pile is not only larger than ever before – it’s growing at its fastest rate in decades.

And in what’s perhaps the most troubling statistic highlighted by Motley Fool, a recent survey by CareerBuilder and The Harris Poll found that 78{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of full-time US workers – nearly 100 million Americans – are now living paycheck to paycheck, up from 75{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in 2016.

Read More @ ZeroHedge.com