Nearly half of U.S. households would struggle with an unexpected $400 expense, Fed study finds

[Zorro]

Source: LA Times

Shedding light on the precarious economic state of many American families, the Federal Reserve said Wednesday that nearly half of U.S. households reported they would have trouble meeting emergency expenses of just $400.

In addition, the Fed found that 22% of workers were juggling two or more jobs last year, higher than what government jobs data would suggest. And nearly one out of three Americans said that they have no retirement savings or pension.

These findings were part of the Fed's "Report on the Economic Well-Being of U.S. households in 2015." Overall, the survey-based study said the financial health of families continued to show mild improvement last year, with 69% of respondents saying they are "living comfortably" or "doing OK." That is up 4 percentage points from 2014 and up 6 points from 2013, when the survey began.

But those gains belie the wide gap among households based on differences in education, race and parental wealth -- and the fragile nature of many households' financial situation more than six years after the end of the Great Recession.

Read more: http://www.latimes.com/business/la-fi-fed-report-struggling-households-20160525-snap-story.html

---

Pretty disturbing report.

[Trust Buster]

1. Too many people living beyond their means.

[Katashi_itto]

2. You are on the wrong board.

If you think half the country, lives beyond their means.

[Trust Buster]

5. A significant percentage do live beyond their means. Quit trying to censor my opinions.

[ForgoTheConsequence]

8. Yeah.

Fuck them for wanting all those fancy things like dental visits, doctors appointments, heating and nutritious food.

[cstanleytech]

11. Yes we live beyond our means and should cut back on our luxuries like

food and heat during the winter.

[KansDem]

19. Don't forget refrigerators!!

[tazkcmo]

28. Nobody censoring

Plenty throwing up.

[Ishoutandscream2]

32. Some do. But a "significant percentage"? Don't agree

All you have to do is look at stagnant income growth in this country for the middle and lower classes. I am lucky and we do well, but ironically I found out I needed a crown today for a broken tooth. 438 bucks, with insurance. We will be fine, but that puts several things off for us. For many more, this a very significant financial hardship.

[christx30]

41. Disagreement does not equal censoring. n/t

[pbmus]

42. You are Entitled to your opinion, WRONG tho it may be.

[rhett o rick]

13. So typical of the Conservative ideology. Encourage people to borrow and then when they do

berate them. Just another blame the victim. I also think you are on the wrong message board. This board is for "politically liberal" and you clearly don't meet that.

[840high]

20. Another well off Clinton supporter.

[virgogal]

3. I find that astonishing----and disturbing.

[StayFrosty]

4. How about a $2000

Tax hike?

[StarTrombone]

6. Isn't this exactly why Mrs Bill Clinton is promising

To bring Bill into her administration

In order to revitalize Obama's moribund economy?

A twofer again

Of course it has the effect of dissing the current president

And

She's basically admitting to being incapable of handling the most important task facing the country

With the added bonus to the GOP of making criticism of her husband legitimate

[MariaThinks]

7. Are you on the right board? Obama has helped recover the horrible economy bush left

considering what happened to stocks and major corporations (went bankrupt) when bush was still president, it's hard for anyone to think that was Obama's fault.

[StarTrombone]

10. Did you even read the OP?

What part of "precarious economic state of many American families" don't you grasp

You may be well off but according to the Federal Reserve half the people in this country are struggling

[rhett o rick]

15. The recovery that you are speaking about is only being enjoyed by the Wealthy 1%.

Apparently you don't notice that the foodbanks are hurting because of some many people needing help. Not that the Conservative Wing cares. Donations to foodbanks are down because it isn't the wealthy that are having such a great economy but the working class that supports the foodbanks. The average wages are down, homelessness is up, poverty is up. It's time for a revolution.

[Agony]

26. meanwhile the major food bank pays their CEO over 1/2 million dollar salary

and all of their officers 6 figures…
just their benefits are more than many of us make in a year...

Robert Aiken 40 0X 520,349 0 38,993 CEO
Janet Gibbs 40 0X 313,680 0 16,727CFO
Paul Henrys 40 0X 131,858 0 19,818CFO
Andrea Yao 40 0X 130,660 0 33,320Secretary
Maura Daly 40 0X 335,253 0 21,631CHIEF COMM & DEVELOPMT OFFICER
Matthew Knott 40 0X 402,573 0 42,333President
Daphne Logan 40 0X 261,673 0 27,397SVP of Human Resources
Eric Olsen 40 0X 223,415 0 13,835 of Government Relations
Leah Ray 40 0X 161,393 0 16,810VP Corporate Partnerships
William Thomas 40 0X 374,681 0 43,867Chief Supply Chain Officer
Johanna Vetter 40 0X 331,326 0 15,605Chief brand Mkt & Dvlp Office
Marisol Buonomo 40 0X 169,803 0 31,892VP Finance & Controller
Karen Hanner 40 0X 157,307 0 17,472Director of pdt Mfg Partnershi
Daniel Krohm 40 0X 159,587 0 9,501VP-Strategic Initiatives & SC
Kevin Lutz 40 0X 213,076 0 34,178, Information Technology

FEEDING AMERICA
35 East Wacker Drive
Suite 2000
[phone]
Chicago, IL 60601

ROBERT AIKEN CEO
35 E Wacker Drive Suite 2000
Chicago,IL 60601
I Tax-exempt status F 501(c)(3)

USA is FUBAR

[rhett o rick]

35. The foodbank that I am associated with, the Exec Director gets paid for 30 hours a week but

works about 80. She makes very little. The salaries of the staff (4) is a small fraction of the overhead expenses.

[dembotoz]

43. i used to work for a poverty agency.....covered 2 counties. good sized staff. whole lot of programs

including head start, weatherization, family planning....get the idea?

the executive director of this organization got paid less than a starting factory worker at the local gm plant screwing on bumpers.
He was single and wore it like a badge of honor.
His staff who had families to support were less honored.

I do not begrudge a person who makes an honest buck for an honest days work.

personally i did a stint in vista so i am not a money gouger
but i also did not take an eternal vow of poverty either.....i mean damn...even mother theresa got free housing......
should add the sarcasm thing but screw it

[Agony]

45. "I do not begrudge a person who makes an honest buck for an honest days work. " neither do I...

the 501 ( c)3 industry is as out of control as the FIRE sector when it comes to executive compensation.

my local food bank is run by people who don't have much helping people who have almost nothing.

The inequity exhibited here is part of the problem. We need to work toward the day when food banks are unnecessary, I hazard to guess you would agree.

We are a rich society with a maldistribution of wealth.

Cheers,
Agony

[840high]

18. Truth.

[Octafish]

9. Wealthiest times in human history.

Most of it lands in the pockets of the rich.

http://inequality.org

[rhett o rick]

16. What is sad is there are people that think they are Democrats that support the Wealthy

over the 99%. They think that Wealthy Hillary will actually call on her corporate friends to help the poor. I bet that's what's in her transcripts. She probably told Goldman-Sachs and the others in the Oligarchy that they needed to help the poor. And then they applauded and gave her millions. What? But people believe that.

We have Robin Hood (Sanders) running against the Sheriff of Notingham (Clinton) and people calling themselves Democrats are supporting the Sheriff. Actually it's not an unusual phenomenon, it's just like Jr High when some of the kids would support the big bully (billionaires and big corporations) and turn their backs on the victims (the 99%). Cowards the like.

[Octafish]

29. Reverse Robin Hood

Is how Jesse Jackson described the Champion of Trickle Down, Ronald Reagan.

All the WTO trade deals, all the S&L and Bankster bailouts, all the wars without end, all the wall-to-wall spying, all for one regime: to see the wolf gets fed.

Democrats who support them have "forgotten" what it is to be a real Democrat -- one who believes ALL are equal under law and that government should use its powers to make life better for ALL, not just the rich and powerful.

The reason they forget, the ones who act to benefit the rich, is a cleared mind enables their own economic prosperity. Thus, they follow Speaker Sam's admonition: "To get along, go along."

[rhett o rick]

34. We bragged about how big our tent was and we let in those that idolize

the Oligarchy. It's Authoritarian Adulation. They use "pragmatism" as an excuse to ignore those among us that are struggling.

[Octafish]

38. The numbers are staggering.

For example, AIG got more than twice in bailout cash -- NO QUESTIONS ASKED, 100-CENTS ON THE DOLLAR -- than what Puerto Rico owes bondholders.

$182 billion vs $70 billion.

Even people making 100k are living paycheck-to-paycheck. Debt and all...because the Banksters must get paid.

They're the lucky ones. Millions tossed from their homes so Banksters...

[rhett o rick]

39. I would love to know how much of the wealth gains by the 1% are "built" vs.

stolen. Not sure the true figure but heard it was close to $12 trillion that was stolen in the name of keeping our economy afloat.
At some point the capitalists figured out that it was getting harder and harder to exploit our environment and people to build wealth, so they decided it was easier to change a few laws and regulations and steal the wealth from the middle and working classes. And yet, there are those calling themselves Democrats that use "pragmatism" as an excuse to support these crooks. They disparage the Left for asking for freedoms, liberties and a fair economy.

[Agony]

27. prime example being the people "running" "the" food bank

see my post #26 above

[Gregorian]

12. Wolff had a guest on who said 45% of American households are several months away from underwater

should income stop.

[tazkcmo]

30. Sure he didn't mean days?

Like the next rent day? Would be for, shit, everyone I know. Months? Be like a vacation!

[christx30]

40. The way I always heard it was

3 missing paychecks away from homelessness. And I can see that as 100% accurate.

[tazkcmo]

44. Sounds about right for an average.

I never really doubted you. I was just pointing out that there are a bunch of us that would be homeless in one month or less with no income. For me, it would be less.

[ananda]

14. This shows how deceptive employment statistics can be.

More important, I think, is monthly income levels,
along with the relative cost of living.

[rhett o rick]

17. Hold on a minute. Are we saying that conditions in the 99% are worse than the Oligarchy

and their Media tells us? How can that be? It's time for a revolution.

[valerief]

21. Of course. The oligarchs have won. nt

[leftyladyfrommo]

22. Salaries are going down and food is going up.

And my utilities have been increasing at a staggering rate.

Now my bills not include my actual usage which is always low because I really am careful. But there are all these added on service fees. That has made a huge difference in monhly expenses.

I stopped eating out and now fix most of mymeals at home. And my basic food stuffs are brown rice and oatmeal. Those are cheap. I cook dried beans and other lentils and those are cheap. And then I add fish that is on sale and at least one vegetable and fruit a day


Takes some planning.

[niyad]

24. and all this in the bestest, richest, most wonderfulest country in the WHOLE world!!

[leftyladyfrommo]

25. My friends are all doing the same thing.

Actually the diet is a lot healthier.

But fixed income people have to learn to be creative. I fix almost everything I eat in my rice steamer. It's an amazingly versatile little gadget.

I don't feel poor. I have a little house and a good little car.

But I have good health. Not does that make a huge difference. I don't have to pay for meds.

[tazkcmo]

31. No one likes a bragger!

Seriously though, I'm with you there. I was eating 1/2 lb of any pasta, 2 slices of bad American "cheese" and 1/2 a can of cheap spaghetti sauce a day. That's it. I'm a little better off now and but I did that for years. Lost a lot of weight I didn't need to lose.

[niyad]

23. but, we keep hearing how the economy is improving. was even told that by the mayor's office

here a couple of weeks ago. not enough to do anything worthwhile, just enough to fund a baseball stadium downtown.

[Midnight Writer]

36. The solution is obvious and simple: More tax cuts for the rich!

Every single Republican (including Trump and Ryan) support this common sense, kitchen table solution.

I have never had a poor person give me a job. If we just allow the makers to keep more of their earnings, their excess money will surely trickle down to the rest of us.

Vote Republican! Or if you don't do that, then don't vote at all! It's all the same.

[Festivito]

37. But, oh, our rich. Is there any place with the rich like our rich?

With rich newscasters telling middle class people that poor people are the problem.

Like the great Oz telling us to look at the TV show -- not how the show is made.