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https://www.cbsnews.com/news/saving-money-emergency-expenses...
This oft-reported statistic is wrong. It's based on a survey that simply concluded that they wouldn't necessarily pull that amount from savings to meet an emergency expense. That doesn't mean they can't afford it or don't have more savings than that.
You're right that the question they used is a bit vague, but there is a ton of other data in there that points to affordability as the main cause e.g.
"Nearly a quarter of Americans have no emergency savings"
and:
"Sixty percent of Americans are uncomfortable with their level of emergency savings — 31 percent are very uncomfortable, and 29 percent are somewhat uncomfortable."
The "one missed paycheck away" is cited a lot, but it's not entirely false, if a bit of a hyperbole.
The majority of Americans (recent estimates I believe are around 60%) have no savings, and live paycheck to paycheck. So while not exactly "one missed paycheck away" it's pretty close. More accurate would be to say "Most Americans are one crisis away..."
Median weekly earnings for full-time workers in the US was $1,196 in Q2 - so, half of Americans make even less than that (~4,700/month). That's not a lot, and in a lot of areas of the country, that doesn't leave much room to save much of anything, especially if you have kids and need childcare.
Going off the BLS consumer expenditure survey from 2023 (most recent one I could find), average spent on housing was $25k/year or 2119/month, almost half the median monthly earnings. Just housing. Factor in food, transportation, healthcare, utilities and it's not hard to see how people can, and are, struggling, and are effectively one mishap from falling too far behind to catch up.
While most Americans don't have "emergency savings" (heck, I don't), most of the credible studies more realistically peg it as 25% of American adults or 1 in 4.
Even so, $80k household isn't a pretty picture with today's housing and food costs except for the most LCoL areas, and in those the income is going to be considerably lower. To afford the US today, we need to be closer to $80k+ individually rather than for the whole household.
This is why you see so many homeless veterans. They often end up geographically separated from family and see relationships weaken due to time and distance.
Whenever someone says “mental health” as a causative factor in a social problem, that’s saying “don’t know, wont fix”
WHAT?
The US Federal Government spends over $3 TRILLION on social services. US states collectively spend around $1 TRILLION on social services.
This is what's available just in my state:
- temporary housing
- free drug treatment programs
- free addiction services
- free food at hundreds of food shelves that also offer other amenities.
- free public transportation
- free and low cost job training
- free and low cost pharmaceuticals and medicine
I've never been homeless, because in several instances, I've actually used social services to survive and get back on my feet because that's why they're there. People complaining there is no support system are either willfully ignorant these programs even exist, or are just too lazy to take advantage of them. And I don't remember ANYBODY in ANY of the non-profit, state funded or state run offices asking me about my race or sexuality before they offered to help me.
I honestly don't know what you're on about man, but saying there is no support system is pretty crazy to hear someone say.
Please don't use uppercase for emphasis or be inflammatory in your commenting style.
Rather than fulminating and attacking other community members, which is clearly against the guidelines, please think of a way you can draw on your experiences to educate others who may not share your experiences and thus may not be aware of the reality for people in this situation.