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

[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.

Wealth disparity in America is increasing. It's kind of ironic how for years Republicans have been screeching about "wealth redistribution" as if there's a big scheme to steal money from the rich and pass it out to the poor when in fact it's the exact opposite - the middle class is having its wealth stolen and redistributed to the richest.

And, we'll remind you that Biden is president....... wealth disparity is increasing under Biden.

It didn't just suddenly start under Biden. A lot of it happened with Republican tax cuts. And Trump's proposed tax policy would hurt the poor and middle class even more.

[Anonymous]

Under Biden, my gasoline seemed to go from $2 to $4.

My income dropped 40%.

My rent became 47% of my income.

For the first time in my life, despite excellent credit and a paid off car, a used 2019 car with 60K miles cost me $19K at an 8% rate.

Also for the first time in my life, I relied on my very good credit to carry me through a layoff from October to February.

I have more than 2 decades experience as a government contractor. These small contractors have too many project and program managers that talk a lot, and then layoff and hire the contractors who do the actual work. I also am now sharing my income with "recruiters" because the small contractors only have one HR person.

My life and career has always been better with a Republican administration. I loathe the social policies.

[Anonymous]

Anonymous wrote:

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.

Wealth disparity in America is increasing. It's kind of ironic how for years Republicans have been screeching about "wealth redistribution" as if there's a big scheme to steal money from the rich and pass it out to the poor when in fact it's the exact opposite - the middle class is having its wealth stolen and redistributed to the richest.

And, we'll remind you that Biden is president....... wealth disparity is increasing under Biden.

Well right, because Congress sabotages everything, on Trump's orders no less. It's like the Big Orange Menace is still President.

Our family's financial situation got much better around 2015 and has been steady since then, although the rising cost of daycare is just brutal. But we bought our home in 2011 and our mortgage is very reasonable. Makes a huge difference.

But this is just a harder country to be poor or working class. It always has been. Bootstrap nation.

I'm a liberal voter but I think it's time for the elites to realize that it doesn't matter why people perceive the economy as better under Trump. They should just try to address it in ways that they care. Because voter opinions aren't really based on true facts. That's just how it is.

Why do you think every voter but you makes decisions that are not based on facts? Your opinions are based on facts, but other people are basing their opinions off of what? False facts?

Like politifact facts?

[Anonymous]

All due to Bidenomics.

[Anonymous]

Anonymous wrote:Under Biden, my gasoline seemed to go from $2 to $4.

My income dropped 40%.

My rent became 47% of my income.

For the first time in my life, despite excellent credit and a paid off car, a used 2019 car with 60K miles cost me $19K at an 8% rate.

Also for the first time in my life, I relied on my very good credit to carry me through a layoff from October to February.

I have more than 2 decades experience as a government contractor. These small contractors have too many project and program managers that talk a lot, and then layoff and hire the contractors who do the actual work. I also am now sharing my income with "recruiters" because the small contractors only have one HR person.

My life and career has always been better with a Republican administration. I loathe the social policies.

Time to stop whining and pull yourself up by the bootstraps.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Under Biden, my gasoline seemed to go from $2 to $4.

My income dropped 40%.

My rent became 47% of my income.

For the first time in my life, despite excellent credit and a paid off car, a used 2019 car with 60K miles cost me $19K at an 8% rate.

Also for the first time in my life, I relied on my very good credit to carry me through a layoff from October to February.

I have more than 2 decades experience as a government contractor. These small contractors have too many project and program managers that talk a lot, and then layoff and hire the contractors who do the actual work. I also am now sharing my income with "recruiters" because the small contractors only have one HR person.

My life and career has always been better with a Republican administration. I loathe the social policies.

Time to stop whining and pull yourself up by the bootstraps.

Or, better yet.... vote Republican.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Wealth disparity in America is increasing. It's kind of ironic how for years Republicans have been screeching about "wealth redistribution" as if there's a big scheme to steal money from the rich and pass it out to the poor when in fact it's the exact opposite - the middle class is having its wealth stolen and redistributed to the richest.

And, we'll remind you that Biden is president....... wealth disparity is increasing under Biden.

Well right, because Congress sabotages everything, on Trump's orders no less. It's like the Big Orange Menace is still President.

Our family's financial situation got much better around 2015 and has been steady since then, although the rising cost of daycare is just brutal. But we bought our home in 2011 and our mortgage is very reasonable. Makes a huge difference.

But this is just a harder country to be poor or working class. It always has been. Bootstrap nation.

I'm a liberal voter but I think it's time for the elites to realize that it doesn't matter why people perceive the economy as better under Trump. They should just try to address it in ways that they care. Because voter opinions aren't really based on true facts. That's just how it is.

Why do you think every voter but you makes decisions that are not based on facts? Your opinions are based on facts, but other people are basing their opinions off of what? False facts?

Like politifact facts?

No, rather that people vote on how they feel and their daily experience rather than macroeconomic stats. So there's no use trying to tell people that the macroeconomic information is more positive than their daily experience. In fact, it probably makes it worse.

[Anonymous]

And this is a surprise???

[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.

Exactly. Most of DCUM are liberal elite (or liberal strivers) who are completely detached from reality and live in bubbles isolated from the other 99% of the country. The only emotion they have for people different from them is contempt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People aren’t not saving money just because of the high cost of living. They’re not saving because we’ve all be trained to constantly buy crap we don’t need. Our high levels of consumerism is the source of our strong economy. If you’ve lived in other countries, as I have, you will quickly see that, while people everywhere like to shop or at least window shop, they don’t have as much junk as we do. They don’t have Amazon packages arriving every few days, they aren’t making frequent Costco and Target “runs” and filling their homes with months of supplies, etc etc. Granted, one reason is that they tend to have smaller homes than we do, but they also aren’t as shopping/spending crazy as we are. Spending too much and saving too little is literally built into our consumer society.

Ok, so why were Americans savings at record levels PRE-COVID under the Trump administration?

I don’t know that to be true. Can you provide a link?

Our spending habits have little to do with who is president. They are baked into our culture. During Covid people saved money because they weren’t going out of their homes as much. Then, when things started opening up, they started spending again and many blew through their savings.

Right. I don't know of anyone who is not making money now, and I am working class in the Midwest. My Facebook feed us chock full of people going on trips and out to dinner.

And all the while claiming the economy is so bad!

My sister just bought a new RV
and then complains about the price of gas.

[Anonymous]

Anonymous wrote:

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.

Wealth disparity in America is increasing. It's kind of ironic how for years Republicans have been screeching about "wealth redistribution" as if there's a big scheme to steal money from the rich and pass it out to the poor when in fact it's the exact opposite - the middle class is having its wealth stolen and redistributed to the richest.

And, we'll remind you that Biden is president....... wealth disparity is increasing under Biden.

It didn't just suddenly start under Biden. A lot of it happened with Republican tax cuts. And Trump's proposed tax policy would hurt the poor and middle class even more.

When the economy grows the rich always get a lot richer because that’s how wealth works. Their assets and investments increase in value and they invest in new emerging markets.

Follow the money. Even when low and moderate income families have healthy increases in income they spend it on goods and services that create big profits for the wealthy. It’s still better that they earn it that way than giving the rich tax cuts and subsidies and enabling financial fraud as every Republican Administration does.

[Anonymous]

Anonymous wrote:

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

Expect people to stop shooting themselves in the foot and to stop voting for the right wing that makes wealth inequality worse.

In fact, if you look at the facts of the situation, wealth inequality is improving slightly under Biden. That has never happened and will never happen under a Republican.

“WASHINGTON (Reuters) - Income inequality in the United States narrowed in the first three years of the Trump administration as rising wages and a low unemployment rate fueled gains for lower-income and less educated families, according to U.S. Federal Reserve data released on Monday.”

[Anonymous]

Anonymous wrote:

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

Expect people to stop shooting themselves in the foot and to stop voting for the right wing that makes wealth inequality worse.

In fact, if you look at the facts of the situation, wealth inequality is improving slightly under Biden. That has never happened and will never happen under a Republican.

Real net worth of the bottom 50% has nearly doubled.

[Anonymous]

Anonymous wrote:

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

Exactly. Most of DCUM are liberal elite (or liberal strivers) who are completely detached from reality and live in bubbles isolated from the other 99% of the country. The only emotion they have for people different from them is contempt.

Meanwhile, I present those who are actually detached from reality: Republicans commenting in polls on the economy.

[Anonymous]

The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.