Whether the lights are on the verge of being shut off, you didn’t follow the DIY plumbing instructions properly or you slammed your car into a pole because a red head caught your eye, many Americans can come across a financial emergency at any time. That’s life. It happens from time to time.
Unfortunately, many Americans would be unable to cover the cost of these unforeseen events, says a new report from the Federal Reserve.
According to the study, the average American 40 years of age or under would have just a 50 percent chancing of coming up with $2,000 over the next 30 days to pay for an emergency. The report noted that a whopping one-third of Americans could not come up with the cash if they needed to. This is down from 42 percent in 2013.
“This may, I think in some ways, underscore the stress that people feel,” New York Fed President William Dudley said in a statement. “It may underscore the fact that people don’t feel they have complete control of their destiny. It would be more useful if people had more precautionary savings…life is uncertain and things happen.”
Despite the Fed-induced boom creating positive numbers for millions of Americans, it seems their wallets aren’t feeling the fruits of the central bank’s money-printing ways.
That’s because their employers won’t pay a decent wage. Now, with the Republicans, they’re wages will sink even further. Poor fools thought this election would bring better paying jobs; now they’ll get what they voted for: busted unions, no health insurance and even lower wages – you played yourselves!