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40% of Americans can't cover a $400 emergency expense

money.cnn.com

21–30 of 309 posts

Re: 40% of Americans can't cover a $400 emergency expense

#21

There's a lot of negativity in this thread and the title is very sensational. The point that should be highlighted in the article - "The bright side? That's an improvement from half of adults being unable to cover such an expense in 2013. The number has been ticking down each year since."

I wonder if that's tracked to inflation. A $400 medical expense from 2013 is likely closer to $500 today, which might account for the difference from 50% to 40%.

Re: 40% of Americans can't cover a $400 emergency expense

#22

America is over. The class divide has surpassed any reasonable threshold and in time it will only further crystalize. This country needs an Elon Musk to replace every part of the government, which is itself a jobs program at this point. We do not live in "America" anymore.

I was with you until your Musk comment. We don't need more centralization of power; instead, we need de centralization--more local sustainability in place of the just-in-time global economy we live in now.

My Musk comment was more about how much of NASA had turned into a jobs program than anything.

Take a very simple example, the BMV. We've had good internet now for a couple decades and you still can't do basic transactions without going to the BMV in the middle of the day.

Almost all other government agencies have been entirely immune to technological change as well. They are, jobs programs.

Re: 40% of Americans can't cover a $400 emergency expense

#23

Well on our way to to he oft depicted dystopia of sci-fi movies. I figured Trump would go down in history as a modern money baron president, the likes of Coolidge, Harding and Hoover.

That number has decreased since the Obama administration.

Re: 40% of Americans can't cover a $400 emergency expense

#24
post #20

Earlier quoted context omitted.

I was with you until your Musk comment. We don't need more centralization of power; instead, we need de centralization--more local sustainability in place of the just-in-time global economy we live in now.

The other side of his comment about the class divide is kind of telling though. It implies that the middle class is the most unstable of the three major economic classes in the long run. And with the current system of constraints, contents only want to settle in the top or in the bottom.

I have to agree. No matter what one's political leanings or who one believes is responsible, it seems true. Perhaps this is a reversion to a historical (read: modern civilization) mean? One theory is that the period immediately after World War II was an abnormal period of prosperity for the United States, seeing as how much of the developed world elsewhere was simply destroyed.

Re: 40% of Americans can't cover a $400 emergency expense

#25
post #7
post #3

This makes it clear why our current capitalism doesn't work. The ruling class / rich and wealth people and businesses could extract more wealth out of the middle and lower classes than they do now, if the lower classes were more stable and secure. In the US especially, but nearly everywhere, there are hoards of people trying to lower or eliminate social services, basic science research, etc, with the dog-whistle clai…

I am and know many conservatives. I don't see any "poor hate," though I don't argue it doesn't exist. Rather, it seems conservatives get upset at the idea of an unlevel playing field, i.e. creating policies that favor one group over another. Well-intentioned as any given policy may be, we are opposed to crafting government rules or benefits that apply to one set of people and not another.

...aaaand existing playing field that favors wealthy is level?

Re: 40% of Americans can't cover a $400 emergency expense

#26
post #21

There's a lot of negativity in this thread and the title is very sensational. The point that should be highlighted in the article - "The bright side? That's an improvement from half of adults being unable to cover such an expense in 2013. The number has been ticking down each year since."

I wonder if that's tracked to inflation. A $400 medical expense from 2013 is likely closer to $500 today, which might account for the difference from 50% to 40%.

Inflation just hasn't been that high lately. $400 in 2013 dollars is $428.50 in 2018 dollars.

Re: 40% of Americans can't cover a $400 emergency expense

#27
post #21

There's a lot of negativity in this thread and the title is very sensational. The point that should be highlighted in the article - "The bright side? That's an improvement from half of adults being unable to cover such an expense in 2013. The number has been ticking down each year since."

I wonder if that's tracked to inflation. A $400 medical expense from 2013 is likely closer to $500 today, which might account for the difference from 50% to 40%.

Inflation has been historically low recently https://tradingeconomics.com/united-states/inflation-cpi

Re: 40% of Americans can't cover a $400 emergency expense

#28

Wealthy investors are happy to tell founders that a smaller percentage of a bigger pie is a better deal, but then seem not so happy to make their percentage smaller in order to increase the size of the pie for society at large.

Investors have to fight hard and endure a long time for every % of return. Society on the other hand will never be satisfied with their piece, they will always need more, and sooner not later.

Re: 40% of Americans can't cover a $400 emergency expense

#29
post #21

There's a lot of negativity in this thread and the title is very sensational. The point that should be highlighted in the article - "The bright side? That's an improvement from half of adults being unable to cover such an expense in 2013. The number has been ticking down each year since."

I wonder if that's tracked to inflation. A $400 medical expense from 2013 is likely closer to $500 today, which might account for the difference from 50% to 40%.

The BLS calculator (https://www.bls.gov/data/inflation_calculator.htm) says $400 in 2013 is ~ $430 today. Seems unlikely to account for that much of the change.

Re: 40% of Americans can't cover a $400 emergency expense

#30
post #21

There's a lot of negativity in this thread and the title is very sensational. The point that should be highlighted in the article - "The bright side? That's an improvement from half of adults being unable to cover such an expense in 2013. The number has been ticking down each year since."

I wonder if that's tracked to inflation. A $400 medical expense from 2013 is likely closer to $500 today, which might account for the difference from 50% to 40%.

Sorry, but the recent inflation rate has been about 0-2% per year. A $400 medical expense in 2013 is about $430 today.
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