The economy might be strong in the U.S., but, as Statista’s Maria Vultaggio details below, nearly 70 percent of Americans have less than $1,000 stashed away, according to GOBankingRates’ 2019 savings survey. The poll, released December 16, revealed 45 percent have nothing saved. The survey questioned 846 respondents November 25 to 26.
You will find more infographics at Statista
The discovery baffled Bruce McClary, the spokesman for the National Foundation for Credit Counseling.
“It’s puzzling to me that if the economy is doing so well and that we’re so close to full employment, that consumer confidence is up … that we haven’t seen the numbers move much in people’s ability to save,” McClary told Yahoo Finance.
“I find it very troubling that people can’t come up with $1,000 in a savings account to cover expenses without borrowing money.”
As he faces impeachment, President Donald Trump has lauded the strong U.S. economy, saying the American people care more about the economy than the impeachment inquiry.
“The Stock Market hit another Record High yesterday, number 133 in less than three years as your all time favorite President, and the Radical Left, Do Nothing Democrats, want to impeach me. Don’t worry, I have done nothing wrong. Actually, they have!” he tweeted December 17.
“The new USA Today Poll, just out, has me leading all of the Democrat contenders. That’s hard to believe since the Fake News & 3 year Scams and Witch Hunts, as phony as they are, just never seem to end. The American people are smart. They see the great economy, & everything else!”
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I find it troubling that articles like this never seem to give more information. Information like age group. Or are working age students included? How about the disabled and government workers who are going to retire with pension benefits? Are they in trouble?
The usual apologists for the current system and status quo here on TBP are going to come out a say the same things again like, everyone is blowing their money on shit that they don’t need and the economy is just fine for all throughout the social strata.
I’ve been in business for 21 years, I have never been this busy, this late in December.
Liberals are getting desperate, propaganda all around.
This article is nothing more than a thinly veiled Trump hit piece. I also doubt the veracity of his statements re savings….a quick search revealed some more realistic numbers….
https://www.cnbc.com/2019/03/14/heres-how-many-americans-are-not-saving-any-money-for-emergencies-or-retirement-at-all.html
It’s not puzzling at all when you discover that the economic statistics are faked in the US. That’s the secret to understanding this whole propaganda campaign. Again is quoted by Doofus Donnie about how great the stock market is, as proof that this is somehow ubiquitous throughout ALL of the economic spectrum. When in reality it only represents a few elites and that’s it. The QE and REPO programs is welfare for the rich and creates massive inflation for everyone else. Did you peasants see any benefit from that? The GDP is also faked and rigged to give a false positive as Paul Craig Roberts just recently proved.
As a matter of fact, I challenge anyone here to name one thing the government tells the truth about.
They only seem to care about big all-inclusive numbers AND then fake them.
“I challenge anyone here to name one thing the government tells the truth about.”
Hillary lost…
The lack of savings is simply a symptom of a bigger disease. That disease is the inability to perceive reality. Reality dictates that the universe functions in cycles, and it is necessary to recognize these cycles in order to survive.
Early mans survival was predicated on an understanding of the cycles of the stars so that they would know when to plant and when to harvest in order to make through the harsh winters.
In today’s world, savings are necessary to ensure financial survival when economic cycles change. The problem is the majority of people see the economy as linear, and not cyclical. Because the economic cycles are so slow, and are measured in decades, most people forget they even exist, and begin to believe prosperity is the normal status quo.
Reality, and the perception of reality are two very different things….
Some people may just feel there is no benefit to putting their excess wealth into the bank. If you have studied the banking system you know about things like fractional reserve lending, quantitative easing, unbacked currency, the horrific inflation of the dollar since its creation, and the bail in law passed a couple of years ago. Why the hell would you leave anything of significance in there?
That’s correct. And is why people should unbank. You’re safer stuffing it under the mattress. With government on the take, civil asset forfeiture, the IRS targeting the poor, the possibility of negative rates coupled with bail ins, people everywhere will have bulging mattresses .
I just hope they aren’t stuffing the mattress with depreciating FR notes. If so, they’ll wake up to find pennies have replaced the bills stuffed in there. I suggest a more noble metal. Oddly, while the mattress will be far more lumpy, the secure sleep derived is deeply refreshing.
Because one day you will need it.
It specifies a “savings account.” I wonder if that includes all liquid assets or just a savings account.
That’s a good point. With most savings acts paying .1% (that’s point 1 percent, not 1 percent) interest, or some lousy shit like that, few people with means have significant funds parked there. Money market does a little better, as does parking money directly in short term treasury notes. But I think the original meme is probably sincere.
Consider the birds of the air…
Interesting topic – and why would these folks find themselves in this situation….. It was a seduction by the bankers – I was actually a part of the initial roll out of mastercard – and there is where it all gained momentum down hill. They made it easy, way to easy to go into hock – just a little mind you, but still making it look and feel OK to be out beyond your means. And if you couldn’t come up with the bread, they didn’t send some little guy around to beat hell out of you – they took your stuff if you and trashed your credit. This is really a great plan – matter of fact the Chinese are using it to get footholds all over the world – they come in build you a zillion miles of very expensive highway to run buffalo carts on and then feed off your country for the “interest” on the loan for the deal. I wonder what they will do when the defaults happen?
Second the guy in the street doesn’t take into account that the merchant has to pay up for getting his money on the spot. There is a percentage involved – and that means the damn bank get MONEY FOR NOTHING! ON EVERY TRANSACTION!!!!! Posing as trying to look like they are being frugal the government is jamming this in dark places by requiring you have a direct deposit account. This is a sideways hook by the banks to avoid folks figuring out that cash is the best friend they will ever have in the financial world. Modi tried the cashless fad in India and had to bail out because of the backlash. They are slipping it to you here and you can’t even see it coming or going. So when you have the insatiable appetite of a credit card snarling at your ankles every month how the hell are supposed to have savings…… Want to change that if you ever get the card paid off turn it into confetti and never play the game again. My grandfather first generation German said to me when I was a young child – if you don’t have the money do not ever consider buying ANYTHING except a house. I never forgot that and lived by it and well you guessed it.
I have very little in my savings account, as they are paying a very paltry amount in interest. The question should be:
How much money can you lay your hands on in 24 hours?
LEGALLY lay your hands on 🙂
TN, you nailed it. This “finding” is pretty one dimensional. Maybe have a parallel question like “What is your net worth”?
That study has been done with the same results. Fact is most people are basically broke….
Too many people are because they have the same problem the givernment has, they spend too much.
Um,, the interest rate is zero. I am not putting any money in a bank,, I may pay off debt, buy gold and silver, buy food and guns and ammo. Buy bartering goods. Upgrade a remote property for future use as needed. I most certainly have cash in reserve that I can place my hands on physically without trusting that the “bank” will let me have my money. all kinds of things,,, but am not placing any funds in a bank. What would be the point? I
Well said, Checkers.
I do most of what you list, as I am sure most here on TBP
do as well. But we are extraordinarily atypical when
compared to ‘average’ Americans.
Most of them are in the Consumer rat race, much like
my ex-brother-in-law who died last week. Always
buying new stuff, like the new boat he just ‘had to have’.
And then, of course, a bigger truck to be able to pull
the new boat. Naturally. And so on.
But his new wife couldn’t afford to even have a funeral
home retrieve his body for burial or cremation, so she
had the County morgue pick him up — cremation at
the taxpayer’s expense (or so she thinks……. she doesn’t
realize that the County will send her the bill).
His estate consists of lots of overpriced consumer items
(like the now used boats) and a house valued at about
$400,000.
And almost $800,000 in debt.
And no life insurance (he considered it too ‘expensive’).
By this time next year, his widow will be out on the streets.
Life is tough. It’s even tougher when you’re stupid.
Real wages have been stagnant for 40 years and now a few quarters of up ticks in very limited areas and your perplexed about a nonexistent savings by most Americans ! Since retirement and healthcare is all piled upon working people’s backs as wages adjusted for inflation continued to actually fall as expense pressure went up .
Please get that head out of your think tank asshole and look around ! Where is Carrier now ?
Mexico after the lights went out and the MAGA movement camera and lights left so did Carrier and another portion of a tax base that government could squander .
Wow reality sucks but you got to experience it not read bull shit from each other and ponder your navel
I have savings I find it very troubling that the Fed, Wall street, and/or Gov’t could vaporize/confiscate my savings at any time!
I could smell the propaganda bullshit at the first sentence. A quick scan a few lines in confirmed it. Had no reason to read any further.
It is commonly agreed that the most significant global vulture funds are Elliot Management, Cerberus, FG Hemisphere, Autonomy Capital, Baupost Group, Canyon Capital Advisors, Monarch Alternative Capital, GoldenTree Asset Management, Aurelius Capital Management, OakTree Capital, Fundamental Advisors, and Tilden Park Investment Master Fund LP.
None of these groups have Anglo-Saxon or venerable origins. None are based in rural idylls. All of the vulture funds named above were founded by, and continue to be operated by, ethnocentric, globalist, urban-dwelling Jews. The fact that all of these vulture funds, widely acknowledged as the most influential and predatory, are owned and operated by Jews is remarkable in itself, especially in a contemporary context in which we are constantly bombarded with the suggestion that Jews don’t have a special relationship with money or usury, and that any such idea is an example of ignorant prejudice.
KaD,
Very enlightening article. Thanks for posting and exposing (((them))).
America and the world runs on debt. Why should the average person be any different?
Wages don’t match the cost of living. everything has gone up except paychecks. Maybe its all the folks working two jobs that reflects the employment numbers.
Even worse. Most Americans lack a sense of community that translates into stability thus continuity as a nation. Money won’t save your soul or nation. If you have nowhere you belong, you belong nowhere.
https://www.youtube.com/watch?v=JXSuYxwQmI0&t=41s
When the government – – or anyone, for that matter – – asks if I have any savings, my answer is always the same: Nope, I’ve got no savings, no assets, no precious metals, no guns, no ammo, no emergency supplies stashed away, no full tank of gas, no safe in the closet, nope, nothing. Do the same.