Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

money.cnn.com

Post reply on HN
Print view View original

81–90 of 309 posts

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

#81

Post by dv_dt »

ralusek wrote: post #65
zeth___ wrote: post #44

Earlier quoted context omitted.

Try being black in a ghetto. What you mean is that a college educated young white male in his 20s/30s will have $400 in spare change around the house. Because we can't be bothered to keep track of $50 notes we keep around for pizza.

What exactly about being black and in a ghetto prevents you from gathering $400? I have worked multiple minimum wage jobs before without even being on any social welfare. If you are on social welfare, receiving food stamps, affordable housing, etc, you absolutely have the capability to provide yourself with an emergency buffer, even on minimum wage.

It is very difficult to work multiple part time, minimum wage jobs these days because of the scheduling unreliability and availability requirements of the jobs. If you aren't available for ad-hoc hours, then your hours get dropped...

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

#82

Post by gerdesj »

Chyzwar wrote: post #36
cryptoz wrote: 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…

The US is incredibly rich country. Every second teenager is carrying iPhone worth more than yearly income in a large portion of the world. It is all thanks to capitalism. Problem is that most US population is not educated/smart and easy to manipulate into crazy consumption. UBI will not fix it, it will make it worse. Even putting more money into education is not really a clear solution. You need to understand that mi…

Every second teenager is carrying iPhone - are you sure? [Citation needed]

Problem is that most US population is not educated/smart and easy to manipulate into crazy consumption - conspicuous consumption: a fault that can be levied far wider than just the US. The US has a well documented and understood education system and their unis are respected across the world.

You need to understand that middle class is gone. - Wot?

2-5% of highly specialised STEM workers everyone else job is already subsidized. - On the face of it, an economy cannot function like that. Are you saying that the 2-5% are subsidising the other 95-98%?

(You write in English extremely well but you quite consistently miss the indef/def. articles out. For example: the US is an incredible ... an iPhone ... the yearly ... The problem is ... most of the US population ... the middle class)

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

#83

Post by [deleted] »

maerF0x0 wrote: post #34

I had a coach that when I'd ask about how to get out of tricky situations he'd often respond with something along the lines of "Bro, you f'd up a long time ago"... I don't think 40% is some magic number to begin hysteria. Neither is $400. Selling something to cover your expenses might be a blessing in disguise if the thing you sell is a liability in the first place (ex: a car you cant really afford). My observation o…

[deleted]

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

#84

Post by darkstar999 »

eanzenberg wrote: post #57

I find this truly hard to believe. Half of the country is on the verge of homelessness and poverty? Bullshit. Get out of your bubble and go see other parts of the country. See the rampant consumerism and tell me this isn't fake news.

> go see other parts of the country. See the rampant consumerism

How does that dispute the article at all?

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

#85

Post by onecooldev24 »

aarongray wrote: post #80
onecooldev24 wrote: post #61

Earlier quoted context omitted.

Govt inflation numbers represent a portfolio consisting of all commodities in equal quantity. But if you hold a portfolio of iPhones, Toyotas, and etc (assuming they are non depreciating assets) that number would double very easily.

Government inflation numbers don't work like that at all. They are based on the Consumer Price Index, which uses a market basket of consumer goods and services. https://www.bls.gov/cpi/

"Average price data for select utility, automotive fuel, and food items are also available."

All of these are commodities. And every single product derived is based on commodity. Most commodities can be traded on commodity markets.

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

#87

Post by rectang »

dionidium wrote: post #75
ralusek wrote: post #31

Earlier quoted context omitted.

But personal responsibility is actually an important concept. It is completely unacceptable to not have $400 on reserve for an emergency as a functioning adult. That is a situation that can only be achieved by poor decision making and a lack of personal responsibility. Any strategy that is employed to remedy this has to contend with the fact that the individuals who need to have this situation remedied for themselves…

OK, but, like, what if some people are just actually bad at making decisions? Unless you have a plan for that you’re just moralizing toward no practical end.

Moralizing is its own reward. It feels good to look down on people.

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

#88

Post by georgrwasington »

integration wrote: post #48

40% of America’s lowest-income families’ consumption goes to luxuries. The bigger problem is American’s terrible spending habits not lack of real income. https://www.google.com/amp/s/www.marketwatch.com/amp/story/g...

We live in a world where you can find a web page with "statistics" on anything. At some point you just realize that people don't care about the truth.

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

#90

Post by eanzenberg »

cryptoz wrote: 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…

Capitalism is the primary reason we're out of medieval times, thank you very much.
Post reply on HN