Dec 19, 2020, 04:19 am
In recent years the US Federal Reserve has reported multiple times that 40% of Americans don’t have the cash to cover just a $400 emergency. Then COVID-19 hit - the lack of savings is now almost twice as bad. A recent poll by the Highland consultancy reveals that a stunning 82% of Americans now do not have the savings for a $500 emergency.
It is a shocking reminder that the wealth in the richest nation in the world is distributed in a shockingly unequal fashion.
For the average American household, $500 is equal to half a month’s housing costs, three weeks of transportation, two weeks of child care for one child and less than a month of food.
There has not been any government help since a federal package in March. The result is a bevy of of simply atrocious data which reveals the financial suffering of the average American.
Sixty-three percent of Americans are living paycheck to paycheck since the pandemic began; public-sector wages recently had their biggest monthly drop ever; new weekly jobless claims were greater than the worst week of the Great Recession for the 39th straight week; 800 small businesses have closed every day nationwide since April. Clearly, America’s Main Street was already teetering on the edge prior to coronavirus.
Corona deaths keep rising and the economy keeps plummeting - except for rich assets like stocks. The US is in the middle of its greatest crisis since the 1930s, but it might be even worse than that.
https://www.presstv.com/Detail/2020/12/1...-Emergency
It is a shocking reminder that the wealth in the richest nation in the world is distributed in a shockingly unequal fashion.
For the average American household, $500 is equal to half a month’s housing costs, three weeks of transportation, two weeks of child care for one child and less than a month of food.
There has not been any government help since a federal package in March. The result is a bevy of of simply atrocious data which reveals the financial suffering of the average American.
Sixty-three percent of Americans are living paycheck to paycheck since the pandemic began; public-sector wages recently had their biggest monthly drop ever; new weekly jobless claims were greater than the worst week of the Great Recession for the 39th straight week; 800 small businesses have closed every day nationwide since April. Clearly, America’s Main Street was already teetering on the edge prior to coronavirus.
Corona deaths keep rising and the economy keeps plummeting - except for rich assets like stocks. The US is in the middle of its greatest crisis since the 1930s, but it might be even worse than that.
https://www.presstv.com/Detail/2020/12/1...-Emergency