Signs Of The Time, Part 104

In the May 2016 issue of The Atlantic there’s an article entitled “The Secret Shame of Middle-Class Americans.” Neal Gabler writes:

Since 2013, the Federal Reserve Board has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth-shattering: 49 percent of part-time workers would prefer to work more hours at their current wage; 29 percent of Americans expect to earn a higher income in the coming year; 43 percent of homeowners who have owned their home for at least a year believe its value has increased. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?

I didn’t know.

But I’m really not surprised to learn of it either.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Gabler, Neal. “The Secret Shame of Middle-Class Americans.” The Atlantic. May 2016. (http://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/). 24 May 2016.

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