Government Shutdown Is Proving Americans Are Not Prepared For A Recession

Zero Hedge | 1/23/2019 | Staff
townskey13 (Posted by) Level 3
Click For Photo: https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/max_650x650/public/2019-01/altmarket-economiccollapse.jpg?itok=0pTajAjr

The brutal reality is that most Americans are not prepared for the next economic downturn or recession. The government shutdown is highlighting just how much Americans rely on others as opposed to themselves, and how little they have saved for an emergency.

According to the newest op-ed article by Market Watch, the government shutdown is perfectly proving that Americans are not prepared for a financial disaster of any kind, let alone an economic recession. Many have long assumed that the government (which as we all know is almost $22 trillion in debt) will be using their money (stolen funds aka, taxation) to bail out those who get themselves into trouble. But the shutdown is proving just how little the government actually doesand just how financially illiterate many Americans have allowed themselves to become.

Stock - ETF - Analysis - Analysis - Metrics

FREE stock and ETF analysis like you've never seen! A full analysis of 8 key fundamental metrics.

FREE stock and ETF analysis like you've never seen! A full analysis of 8 key fundamental metrics.

% - Americans - Savings - Day - Fund

Almost 60% of Americans have less than $1000 in savings for a rainy day fund or an immediate emergency. It’s been ten years since the Great Recession left many Americans jobless with no money, and it appears most have learned nothing. The government shutdown serves as a painful warning and preview for what will happen once unemployment rises from 50-year lows. Americans are far too dependent on others, including the government, for their survival.

Most Americans live paycheck to paycheck, including those who work for the government. Many won’t live below their means in order to save and it certainly seems that most citizens have picked up the government’s spending habits. They have also stopped saving for themselves. According to a recent GoBankingRates survey, only 21% of Americans have more than $10,000 in savings,with nearly 60% having less...
(Excerpt) Read more at: Zero Hedge
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!