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

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

By Jack Holms, Esquire

16 January 16
readersupportednews.org

 

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. 

Comments

+8 # 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.

+7 # 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.

+1 # 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.

+8 # newell 2016-01-17 05:23

There's only one candidate addressing these issues. VOTE BERNIE!!

+3 # 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.