Nearly half of Americans have $500 or less in their savings accounts

[Anonymous]

https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.


Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.


https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

The cost of living has decimated many American families. I don’t think our country is doing well if people are unable to save $500.00.

—————>
Americans are saving at an unusually high level after Trump's tax cuts

Americans have been socking away an unusually high rate of their income since the Great Recession, which economists warn could become harmful to the economy over an extended period of time, according to the Wall Street Journal.

https://www.axios.com/2019/09/22/saving-rate-trump-tax-cuts


But of course, during the Trump administration, it was bad, very bad for the economy, for people to be able to save their own money. People should not be able to save their own money.

[Anonymous]

And?

The right talks about personal responsibility. Is a president supposed to force people to save money?

[Anonymous]

And republicans want to stop taxing those poor billionaires so much.

Trickle down economics doesn't work, and you end up with wealth hoarders while most people have very little.

[Anonymous]

You're telling this to DCUM where people with HHIs of $600k describe themselves as middle class. Expect no empathy or understanding.

[Anonymous]

Anonymous wrote:https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.


Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.


https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

The cost of living has decimated many American families. I don’t think our country is doing well if people are unable to save $500.00.

—————>
Americans are saving at an unusually high level after Trump's tax cuts

Americans have been socking away an unusually high rate of their income since the Great Recession, which economists warn could become harmful to the economy over an extended period of time, according to the Wall Street Journal.

https://www.axios.com/2019/09/22/saving-rate-trump-tax-cuts


But of course, during the Trump administration, it was bad, very bad for the economy, for people to be able to save their own money. People should not be able to save their own money.

Your link doesn’t say that more people built up savings after Trump’s tax cuts. It says that the people who already had savings built up more savings after their taxes were cut. No shit. Trump only helped the people who did not need help.

[Anonymous]

Anonymous wrote:And?

The right talks about personal responsibility. Is a president supposed to force people to save money?

Do you think it’s possible people cannot save money because living costs too much and they spend money the bulk of their paycheck on basic living expenses?
(It’s called living paycheck to paycheck, something democrats are supposed to understand and care about, guess those days are long gone!)

Are poor people, working class people maligned by you as irresponsible?

Why were these people “responsible” under the Trump administration? Trump forced them to save money, and Biden has decided he’s not going to do that?

[Anonymous]

Anonymous wrote:You're telling this to DCUM where people with HHIs of $600k describe themselves as middle class. Expect no empathy or understanding.

You are correct. The average American is “irresponsible” and the people posting here don’t understand.

Odd that democrats paint themselves as the party of the common man.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.


Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.


https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

The cost of living has decimated many American families. I don’t think our country is doing well if people are unable to save $500.00.

—————>
Americans are saving at an unusually high level after Trump's tax cuts

Americans have been socking away an unusually high rate of their income since the Great Recession, which economists warn could become harmful to the economy over an extended period of time, according to the Wall Street Journal.

https://www.axios.com/2019/09/22/saving-rate-trump-tax-cuts


But of course, during the Trump administration, it was bad, very bad for the economy, for people to be able to save their own money. People should not be able to save their own money.

Your link doesn’t say that more people built up savings after Trump’s tax cuts. It says that the people who already had savings built up more savings after their taxes were cut. No shit. Trump only helped the people who did not need help.

Who is Biden helping?

[Anonymous]

Biden tried to help families with children, but Republicans went ballistic and forced the payments to end.

Democrats have a lot of proposed programs to help the average person, but Republicans won't let them pass.

Biden picked people who gave us a very soft landing economically compared to the rest of the world.

What will Republicans do to help people? Literally nothing. Their tax cuts, the only legislation Trump got done in 4 years, are expiring.... for regular taxpayers only.

So lay out for us, in detail, how Trump plans to help the average American.


You won't be able to, of course, because he has no such plans.

[Anonymous]

Aggregate savings peaked at $2.1 trillion in August 2021. As of June, the San Francisco Fed estimated that aggregate savings had dropped to $190 billion.

In other words, Americans have blown through $1.9 trillion in savings in just two years.

With savings exhausted and credit cards maxed out, consumers have little choice but to stop spending.

This undercuts the notion that the Fed can slay price inflation while simultaneously bringing the economy to a “soft landing.”

The bottom line is that Americans turned to their savings accounts and credit cards because they didn’t have any other way to make ends meet with soaring price inflation. People don’t spend all of their savings and run up their Visa balance month after month to buy groceries when they are in “very strong” financial shape.

So they oft repeated mantra here that Americans and the economy are financially stable and in good shape is completely false.

[Anonymous]

And Trump's plans to make anything better?

We are still waiting for his "beautiful" healthcare plan.

[Anonymous]

Anonymous wrote:And Trump's plans to make anything better?

We are still waiting for his "beautiful" healthcare plan.

He already showed Americans he had better plans and implemented those plans. That’s why the average American was able to save money while he was president.

[Anonymous]

2019: https://www.cnbc.com/amp/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html

For those who want to see all this data through the years:
https://www.federalreserve.gov/consumerscommunities/shed.htm

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.


Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.


https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

The cost of living has decimated many American families. I don’t think our country is doing well if people are unable to save $500.00.

—————>
Americans are saving at an unusually high level after Trump's tax cuts

Americans have been socking away an unusually high rate of their income since the Great Recession, which economists warn could become harmful to the economy over an extended period of time, according to the Wall Street Journal.

https://www.axios.com/2019/09/22/saving-rate-trump-tax-cuts


But of course, during the Trump administration, it was bad, very bad for the economy, for people to be able to save their own money. People should not be able to save their own money.

Your link doesn’t say that more people built up savings after Trump’s tax cuts. It says that the people who already had savings built up more savings after their taxes were cut. No shit. Trump only helped the people who did not need help.

Who is Biden helping?

HUNTER..........

[Anonymous]

Anonymous wrote:

Anonymous wrote:And Trump's plans to make anything better?

We are still waiting for his "beautiful" healthcare plan.

He already showed Americans he had better plans and implemented those plans. That’s why the average American was able to save money while he was president.

Bullcrap.

Lots of people were able to save because Trump and the Republicans sent them COVID money. Many poorer Americans had never gotten that much money at one time. They were also able to get unemployment.

So that was COVID-19 specific and not Trump's grand plan.