Many Americans Have Less Than $1,000 in Savings?

serf

So it looks very dicey for the common people in The USA.Why do you think even liberals are buying guns now? 2400 + 500 a child won't last long and then how many jobs are really coming in back after the Wuhan virus wanes?

 I would hope for the best but prepared for the worst.The government is.The Democrats are not going along with bail outs for big business like airlines and cruise liners and it's a major election year folks!

                                              serf

          https://www.thehour.com/business/article/U-S-economy-deteriorating-faster-than-15147050.php

Next week, roughly 3 million Americans will file first-time claims for unemployment assistance, more than four times the record high set in the depths of the 1982 recession, according to Bank of America Merrill Lynch. That's just the start of a surge that could send the jobless rate spiking to 20 percent from today's 3.5 percent, a JPMorgan Chase economist told clients on a conference call Friday.

Estimates of the pandemic's overall cost are staggering. Bridgewater Associates, a prominent hedge fund manager, says the economy will shrink over the next three months at an annual rate of 30 percent. Goldman Sachs pegs the drop at 24 percent. JPMorgan Chase says 14 percent.

Ricci.Wright

Well maybe if they didn't buy a new $1000.00 phone every year and finance a new car every two years.

Sam06

If you have less than 1K in savings you are *

dreher

The "Save your money for a rainy day" is a concept totally and completely lost on the majority of Americans.  Just as having a couple of months of emergency supplies (as a minimum), a way to protect oneself and sufficient ammo for your preferred way to protect yourself is not a concept the average American can understand.  

serf

Ricci.Wright said:

Well maybe if they didn't buy a new $1000.00 phone every year and finance a new car every two years.

   You have a very good point. The debt coming into foreclosure is going to be humongous! 2007 ain't nothing like The giveaways their making now but still a band aid.If they give Big Business the same deal as then (2008)it will be catastrophic. 100 year Bonds will be needed or more likely a bail in with the banks then a new currency with a major haircut for all of what is left to steal.They will blame it all on Wuhan virus and not The system put in place they manipulated before the Pandemic.

                                                 serf

serf

us55840 said:

The Dems are loving this economic downturn.
I've heard some say instead of loaning money to companies to keep operation, the gov't should just take them over so have something for the money invested.

Sounds like total socialism and communism to me .... the government owns/runs everything.  
Then everyone has to rely on the government to stay alive .... barely. 
  

  Let the strong survive and the weak ones fail. More layoffs,well too bad. The USA is not Lloyd's of London underwriting insurance for pandemics. The CEO's should had made arrangements for saving for a rainy day fund. Instead of buying their own stocks to Cash out later for a profit and to please the board of directors. . So this is called true capitalism let them fail! Only national security measures should intervene like Boeing but it should be curtailed to point they get just enough to survive nothing more.

                                                        serf

select-fire

The pandemic doesn't discriminate.. rich or poor it will kill .

Warbirds

It will become a buyers market.

im hoping to get a condo on the beach when the dust settles.

SW0320

Like I said in another post the bankrutcy attorneys are going to be busy in 6 more months.  I have a friend who owns a small grocery market, they did $60,000 in sales in one day.  Of those sales $59,000 of it was on credit cards.  How are people going to pay the CC bill in a month or two if there is no job.

WearyTraveler

I paid my son’s mortgage for over a year when he was un and underemployed.  I’ve been helping my daughter for almost a year now while she’s unemployed.  I’d normally say that people should take care of their own families during downturns but this one is going to leave a bruise.  

Marc1301

You prepare the best you can, and then forget about it. What is going to happen WILL happen no matter how panicked, or miserable one makes themselves. All these posts about certain death from a few members only add to the misery.

Isolate at home if you can,.....and if you can't, be as careful as humanly possible. There is nothing else anybody can do to control this, so people may as well quit torturing themselves with panic, stop reading/passing around articles of questionable accuracy on the internet, and forget about the horribly depressing outlooks.

Every single one of us is going to die,....we just don't know when, where, or how.

4205raymond

Marc1301 said:

You prepare the best you can, and then forget about it. What is going to happen WILL happen no matter how panicked, or miserable one makes themselves. All these posts about certain death from a few members only add to the misery.

Isolate at home if you can,.....and if you can't, be as careful as humanly possible. There is nothing else anybody can do to control this, so people may as well quit torturing themselves with panic, stop reading/passing around articles of questionable accuracy on the internet, and forget about the horribly depressing outlooks.

Every single one of us is going to die,....we just don't know when, where, or how.

+10, Sounds like good advice to me.

mogley98

It is always possible that this could get so bad even the well prepared would be in dire straights. No one knows exactly what is going to happen.  A crystal ball would be nice, otherwise try to do the best you can and look out for those who can't look after themselves. My girls both live close by but my Mom is in Myrtle Beach, I already had a plan to take her eggs but things worked out without me making the trip. Even if I went I wouldn't be social with them at their age.

Horse Plains Drifter

Ricci.Wright said:

Well maybe if they didn't buy a new $1000.00 phone every year and finance a new car every two years.

Yep, plus buying RVs, quads, boats, vacations, home remodels, etc, etc, etc......... 

I for the most part do not feel sorry for the now day "average" American.

My hobbies/entertainment? Filling the spare bedroom with ammunition, and filling five gallon buckets with C-notes.........

hobo9650

Every week I will be taking $'s out of the bank (as I have been).  If this stuff last a year or more as they claim, credit cards will not be worth using and the bills of many will become due even if they have no income or money.

Banks can't survive on people not making payments and those with money in the bank will make a run on the banks.

FDIC will be broke in 30 minutes.

sharpshooter039

How many keep emergency cash at home ?? I know I do,, in an emergency i have never trusted banks to be open.

Smitty500mag

How ever all this turns out I figure I'm one of the luckiest persons that ever lived on Earth. I am an American that grew up in this country during the greatest years the late 40s, 50s and 60s in the greatest civilization since the beginning of time. No humans ever lived a better life. I had loving great grandparents on both sides of the family, grandparents from both sides of the family along with parents that never divorced and surrounded by uncles, aunts and cousins that actually loved each other including neighbors that watched out for everybody's kids. 
Every evening around the dinner table was like a party at my grandpa's 13 room house where most of us lived for a while until our parents were able to build a new house of their own and move out to different sections of the old farm and raise a family. Those were the days and it don't look like they'll ever be back again at least not anytime soon. 

jimdeere

I was able to start saving some money when I decided to get out of cattle and horses.

bpost

I too wonder the mindset of folks that must have the latest Iphone, spend hours in the MAC store, get nails done every week for 50-60 bucks, drive new $70,000 SUV's with 84 month payments, eat out at restaurants all the time, order home delivery of fast food, wear the latest fad in clothes yet do so with nary a thought to having any savings available for situations like we face now.

medic07

I have a feeling that this impact to the world is something that people had never fathomed.  We live in a time where medicine can do amazing things.  Then to have a virus that in its early stages does not respond to any existing drugs and spreads so fast and the governments response is to shutter businesses to slow the spread.  No business can prepare to be told to shut down for an undetermined period of time.  
Some people are better prepared than others, but if this drags on for long, they will also feel the bite at their emergency stash.