Economy GOP back to Inflation worries. "Hyperinflation" (Update: 2022 Inflation Highest in 40 Years)

[method115]

Most Americans have a lot more than $1,000 in the bank. WTF?

I don't know this article says different.

Most Americans can’t afford a $1,000 emergency: survey

A $1,000 unexpected emergency expense could derail the lives of more than half of all Americans, according to a new survey.

thehill.com

 

[Scerpi]

Most Americans have a lot more than $1,000 in the bank. WTF?

It's amazing how you're wrong with just about everything.

Most American adults don't have enough savings to pay an emergency $1,000 expense

Bankrate's Mark Hamrick tells Fortune that it's "disappointing because it is an indication that so many Americans are living paycheck to paycheck."

fortune.com

A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense. Of that number, 21% said they would go into debt by financing the spending with a credit card, while 16% would steeply cut back on other spending to bridge the gap. Another 10% would borrow from family and friends, 4% would take out a personal loan, and 5% said they would do “something else.”

 

[Lucas1980]

It's amazing how you're wrong with just about everything.

Most American adults don't have enough savings to pay an emergency $1,000 expense

Bankrate's Mark Hamrick tells Fortune that it's "disappointing because it is an indication that so many Americans are living paycheck to paycheck."

fortune.com

A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense. Of that number, 21% said they would go into debt by financing the spending with a credit card, while 16% would steeply cut back on other spending to bridge the gap. Another 10% would borrow from family and friends, 4% would take out a personal loan, and 5% said they would do “something else.”

Jack is such a pawn to a party he doesn't operate in actual reality and is such a parrot who regurgitates talking points.....Lots of people I know don't have a thousand bucks to spare and these are people who work full time jobs.

 

[Jack V Savage]

Agreed. We should let Kamala Harris know this, too.

Everyone should know it.

I don't know this article says different.

Most Americans can’t afford a $1,000 emergency: survey

A $1,000 unexpected emergency expense could derail the lives of more than half of all Americans, according to a new survey.

thehill.com

Yeah, very misleading survey that has been polluting the discourse for a while. Should be obvious bullshit, but here:

https://www.usnews.com/banking/articles/the-average-savings-account-balance

Median savings account balance is $8K. Median household net worth in America is around $200K.

 

[RoastBeast]

Most people are capable of having more than 1k as an emergency fund. I'd be willing to bet the majority of people that don't have 1k, could have 1k if they spent their money wisely.

Low IQ people tend to be more impulsive with their spending habits and dig themselves into debt by spending all their money on stupid shit that isn't necessary while entering into credit card debt to pay bills and pay off any emergencies that arise.

 

[jrams]

I don't know this article says different.

Most Americans can’t afford a $1,000 emergency: survey

A $1,000 unexpected emergency expense could derail the lives of more than half of all Americans, according to a new survey.

thehill.com

That article/survey is misleading. The actual statement:

Only 44% of U.S. adults would pay an emergency expense of $1,000 or more from their savings, as of December 2023 polling. 35% would borrow money, including 21% who would finance with a credit card and pay it off over time, 10% who would borrow from family or friends and 4% who would take out a personal loan.
- Bankrate​

just says that 44% of Americans would pay it from their savings.

 

[Andy Capp]

That article/survey is misleading. The actual statement:

Only 44% of U.S. adults would pay an emergency expense of $1,000 or more from their savings, as of December 2023 polling. 35% would borrow money, including 21% who would finance with a credit card and pay it off over time, 10% who would borrow from family or friends and 4% who would take out a personal loan.​

- Bankrate​

just says that 44% of Americans would pay it from their savings.

That paints quite a different picture, what a surprise. Who could have guessed the claim was a misstatement?

 

[Lucas1980]

That paints quite a different picture, what a surprise. Who could have guessed the claim was a misstatement?

Its not really much of a misstatement at all...A huge portion of Americans don't have 1000 dollars in their checking accounts and would have to dip into their Savings account which is for their future. So not really a different picture at all.

 

[Rational Poster]

Its not really much of a misstatement at all...A huge portion of Americans don't have 1000 dollars in their checking accounts and would have to dip into their Savings account which is for their future. So not really a different picture at all.

Isn't a savings account for future unforeseen expenses?

 

[method115]

That article/survey is misleading. The actual statement:

Only 44% of U.S. adults would pay an emergency expense of $1,000 or more from their savings, as of December 2023 polling. 35% would borrow money, including 21% who would finance with a credit card and pay it off over time, 10% who would borrow from family or friends and 4% who would take out a personal loan.​

- Bankrate​

just says that 44% of Americans would pay it from their savings.

Yes and then it says everyone else will have to borrow the money.

 

[Andy Capp]

Its not really much of a misstatement at all...A huge portion of Americans don't have 1000 dollars in their checking accounts and would have to dip into their Savings account which is for their future. So not really a different picture at all.

Yo don't think there's a difference, in this circumstance particularly, between asserting a majority of Americans are on the edge of insolvency and some undelimited large number of people are in that state?



Please try a little harder.

 

[Blayt7hh]

It's amazing how you're wrong with just about everything.

Most American adults don't have enough savings to pay an emergency $1,000 expense

Bankrate's Mark Hamrick tells Fortune that it's "disappointing because it is an indication that so many Americans are living paycheck to paycheck."

fortune.com

A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense. Of that number, 21% said they would go into debt by financing the spending with a credit card, while 16% would steeply cut back on other spending to bridge the gap. Another 10% would borrow from family and friends, 4% would take out a personal loan, and 5% said they would do “something else.”

That probably says more about us as a populace than it does about the state of the economy though. I can’t really see how any working professional wouldn’t have 1,000 dollars without it being their fault.

 

[HockeyBjj]

That article/survey is misleading. The actual statement:

Only 44% of U.S. adults would pay an emergency expense of $1,000 or more from their savings, as of December 2023 polling. 35% would borrow money, including 21% who would finance with a credit card and pay it off over time, 10% who would borrow from family or friends and 4% who would take out a personal loan.​

- Bankrate​

just says that 44% of Americans would pay it from their savings.

That makes a lot more sense. I had a 3 grand car repair recently. We have enough in savings account to cover that, but I opened a credit card with 0% interest and am paying $300 a month on it so that I still have a healthy buffer in savings account for if something couldn’t just be put on credit card (like needing continual cash flow if lost job or something)

So like, just because I put 3 grand on a 0% credit card doesn’t mean I didn’t have 3 grand in a savings account.

 

[Scerpi]

Most people are capable of having more than 1k as an emergency fund. I'd be willing to bet the majority of people that don't have 1k, could have 1k if they spent their money wisely.

Low IQ people tend to be more impulsive with their spending habits and dig themselves into debt by spending all their money on stupid shit that isn't necessary while entering into credit card debt to pay bills and pay off any emergencies that arise.

How many stories of lottery winners have you heard where they’re broke again in a few years

 

[Scerpi]

That probably says more about us as a populace than it does about the state of the economy though. I can’t really see how any working professional wouldn’t have 1,000 dollars without it being their fault.

My guess it means they’ll end up using credit to pay for any emergency

Our credit card debt threatens to swamp our savings. Here's how to deal with both

Card balances are rising apace with interest rates: The higher the rate, the more you must pay to bring the balance down.

www.usatoday.com

It’s not uncommon for people to hold more credit card debt than savings. And current interest rates are crazy

 

[pv3Hpv3p]

Never mind

 

[Lucas1980]

Yo don't think there's a difference, in this circumstance particularly, between asserting a majority of Americans are on the edge of insolvency and some undelimited large number of people are in that state?



Please try a little harder.

44% will get from savings and the rest will have to borrow the money or use or open up credit cards.... So it holds true. I don't have to try "Hard" when talking to you...Your a Pawn to a party and a Parrot.

 

[Lucas1980]

This is grand the all the muppets that are saying everyone has and extra 1k In their bank account are the same ones saying we need to raise the minimum wage to 30 bucks because the average person doesn't make enough to live off... Laughing

 

[Loiosh]

This is grand the all the muppets that are saying everyone has and extra 1k In their bank account are the same ones saying we need to raise the minimum wage to 30 bucks because the average person doesn't make enough to live off... Laughing

Those things aren't mutually exclusive.

There's a strong argument to be made that things are better now than they've ever been while at the same time things should be more fair.

The average person has access to more goods, services and health care than ever before primarily due to massive improvements to productivity and technology, but the profits from those gains are being funneled into very few hands.

That's a bi-product of laissez-fair capitalism and why regulation is important. There's a balance that necessarily has to be maintained.

Do you understand that corporations are going to do everything they can to pay their employees as little as possible and how that's not great for a society?

I've never worked for minimum wage in my life and continue to profit from exploited workers (Amazon is my greatest hypocrisy), but I know it isn't right and say so.

My family has always had money and I've never HAD to take a job to survive, so I could freely pick and choose and move around when necessary. For many people, that isn't an option.

You may disagree with some or all of this, but do you understand the position I'm stating? I'd be interested in hearing counter arguments.

 

[I Am Legion]

Gas is up. That causes everything else to go up. Food has been up a long time. Food needs to be addressed as it is the one thing people cannot live without. Certain things are out of control--Cold cuts like Turkey and Ham, Cereal, Berries, Nuts, Meats, Milk, Eggs.....staples not luxuries are up considerably since covid. We all feel it, it would be dishonest to say you don't just
for a political agenda. My bills have almost doubled, because the stuff I buy has been hit the hardest--Berries, Nuts, Meats etc

Inflation is cooling. So why are food prices, from steak to fast-food meals, still rising?

Higher food prices partly caused the hotter-than-expected inflation report. Getting pinched at the grocery store is souring Americans on the economy.

www.cbsnews.com

MONEYWATCH

Inflation is cooling. So why are food prices, from steak to fast-food meals, still rising?​

By Aimee Picchi
Edited By Anne Marie Lee
February 13, 2024 / 5:52 PM EST / CBS News


Inflation may be rapidly cooling, but there's one area that continues to eat away at Americans' budgets: Stubbornly high food prices.

Rising food costs were one contributor to the hotter-than-expected inflation report on Tuesday, with food prices rising 0.4% in January from December, a faster pace than the overall 0.3% rise in the Consumer Price Index (CPI).

"Any increase in food prices may be especially painful to American consumers, given that supermarket prices are now 25% higher than in January 2020, while inflation has increased 19% over that same time. That means even though grocery costs are now rising at a slower pace than in the depth of the pandemic's inflationary spike, the same shopping basket still costs more than a month or a year ago, a fact that has soured many consumers on the economy. "