39% of Americans can’t cover a $400 emergency expense

[Dacien]

Nope. I agree with the article you posted. Not with the Senator. Just another political grand standing taking place. It does happen with some people. Mainly because they themselves suck at managing their spending.

One of the first things they tell you in my union is to keep as much reserve in the bank as possible in case you get laid off and work is slow. So even with a mortgage and only one income coming in I still manage to keep several thousand in reserve. Could be more, but I have a car audio habit.

[petej0]

Because it's not just minimum wage jobs that suffer this problem. Didactic put up a video earlier showing a bank teller who makes $16.50/hour who gets by on the bare minimum and without including health insurance is over 500 in the red every month.

I used minimum wage because that is the metric people like to use. Someone posted about someone who made 6 figures and was broke. Regardless, if you arent making it then just staying in your current situation isnt going to help.

Also are you arguing that if you have a valid skill that you're in some way always going to maintain that job no matter what?

No, having a skill does not mean you wont get fired. However having a skill will afford you an opportunity to find another job quicker than if you had no skill.

Many people who are in a dead end minimum wage retail job are where they are because it's what's available. A starving belly will do what they can to get fed.

I understand you have to do what you have to do in the present, but you should have a plan for the future. "I am working this job so that I can move into that job in 6 months" for example.

Oh...they should move? With what money?

Our borders are flooded with people who traveled hundreds or thousands of miles, who dont speak the language and no money. Yet traveling to another area that may have better job prospects is out of question?

Get an education? Again, with what money?

There are many grants out there and Government assistance.

Find another job? Another low paying one? And how will that help? Okay fine. You mean...an intern one? Okay sure. What if it's unpaid? How can they pay their bills with that position?

There will be struggle its not easy, as long as you can use that job to gain skills to move up the career ladder.

It's not as easy as just saying, gain a skill and suddenly they can make more than minimum wage. You're just blaming the poor for being poor and that's wrong. Let's pay people a living wage and maybe they can focus on saving money. And perhaps with them having that safely net in the bank, they can then invest in themselves to gain the skills to move forward in life.

Of course it isnt easy, if it was easy everyone would do it. It takes hard work and determination. You know what doesnt help? Continuing to do the same fucking thing. So if that is blaming the poor for being the poor then I guess I am guilty.

[Elegiac]

I used minimum wage because that is the metric people like to use. Someone posted about someone who made 6 figures and was broke. Regardless, if you arent making it then just staying in your current situation isnt going to help.

Yep. The burden is totally on people for failing to find a job and not on employers for failing to pay a livable wage.

No, having a skill does not mean you wont get fired. However having a skill will afford you an opportunity to find another job quicker than if you had no skill.

Cool story. Wage suppression affects people at most pay tiers, the "payable skills" BS is just that.

I understand you have to do what you have to do in the present, but you should have a plan for the future. "I am working this job so that I can move into that job in 6 months" for example.

Victim blaming. Typical.

Our borders are flooded with people who traveled hundreds or thousands of miles, who dont speak the language and no money. Yet traveling to another area that may have better job prospects is out of question?

Ignoring how specious the comparison between minimum wage workers and literal refugees is; yes.

There are many grants out there and Government assistance.

The fact that educational debt is as obscene as it is is proof that "many grants and government assistance" is insufficient.

There will be struggle its not easy, as long as you can use that job to gain skills to move up the career ladder.

How does this help people who aren't moving up.

Of course it isnt easy, if it was easy everyone would do it. It takes hard work and determination. You know what doesnt help? Continuing to do the same fucking thing. So if that is blaming the poor for being the poor then I guess I am guilty.

Yeah, you are. It's a degenerate attitude.

[petej0]

Yep. The burden is totally on people for failing to find a job and not on employers for failing to pay a livable wage.

I didnt say the burden is on people and not employers for a livable wage. If YOU dont like where YOU are, its not up the employer to meet YOUR needs/wants. That is your burden. If you want to own a home, that is not the burden of the employer.

Regardless, how long should you sit around crying "Woah is me?" Even if it was on the employer to pay a livable wage, how fucking long are you going to live in poverty waiting for it?

Cool story. Wage suppression affects people at most pay tiers, the "payable skills" BS is just that.

If you can fix a car, thats a payable skill. If you can wire an electric outlet, thats a payable skill. If you can write a software program, thats a payable skill. Its not BS, its reality.

Victim blaming. Typical.

Why wouldnt you have a goal in mind?

Ignoring how specious the comparison between minimum wage workers and literal refugees is; yes.

Not all are refugees. Some are seasonal migrant workers who send their money back home to their families.

If it comes to staying where there are no jobs or doing whatever it takes to relocate to an area with jobs, why fucking stay in an area without any fucking jobs?

The fact that educational debt is as obscene as it is is proof that "many grants and government assistance" is insufficient.

Sure, that is if you are going to one of those high priced name brand universities. It also depends on what your goal is. You can learn a much more in demand trade skill for considerably less. However if you have goals of getting a finance degree, sure you can find a cost effective college.

How does this help people who aren't moving up.

You have to find what will move you up. What skills are in demand. Right now trade skills are in high demand. So if you can learn HVAC, electrical, plumbing, construction, welding etc you will find a job fast. With the economy turning to green energy if you can get yourself in one of the green energy jobs like Solar panel installation etc.. you can make good money and be on the front lines of the green energy wave. But I suppose that is just crazy talk too huh?

Yeah, you are. It's a degenerate attitude.

So is working in the same dead end job waiting, wishing, hoping for your employer to pay a livable wage. Stop being a victim to employers and take charge.

[Edge-]

Did you think 39% of American's can't cover a $400 emergency expense?

So most don't have the $400 for an unexpected expense unless they use something like a credit card or borrow from others?

That still seems accurate, 39% of American's can't cover a $400 expense with what they have in the bank. They can by using credit (usually adding interest fees that raise the price as they pay off the credit card) or borrowing from others.

That's like telling someone who doesn't have food, but does have dog food, that they don't have to go hungry because they can just eat the dog food.

This is dumb, and not remotely surprising it comes from an op-ed piece from an AEI writer.

[Theodarzna]

I met one person who couldn't afford to pay a ticket and lost her license for a decade until she could afford to pay that shit off. Granted I didn't know her for that decade and I gave her the money when I went down and paid her fee for her when I met her, but fuck, it is INSANE the kind of lives so many Americans live.

[PC2]

It's fine because if you're broke you just get emergency treatment for free. Can't sue somebody with no money.

[Edge-]

It's fine because if you're broke you just get emergency treatment for free. Can't sue somebody with no money.

You get treatment, but only to get you stabilized. Then the hospitals come after you for bills and you either need to pay them to declare bankruptcy, leaving taxpayers on the hook to cover the costs, and significantly damaging that individuals credit score, which follows them for many, many years.

That's not "fine" by any reasonable measure. That's fucked up and shouldn't happen in a developed, first world nation.

[PC2]

You get treatment, but only to get you stabilized. Then the hospitals come after you for bills and you either need to pay them to declare bankruptcy, leaving taxpayers on the hook to cover the costs, and significantly damaging that individuals credit score, which follows them for many, many years.

That's not "fine" by any reasonable measure. That's fucked up and shouldn't happen in a developed, first world nation.

If I was broke and didn't have $400 I would just ignore the hospital bills. You can't get in legal trouble for not being able to pay a medical bill. It's not like they can put anyone in jail over it.

Yes the hospital or taxpayer would foot the bill, that's how it works everywhere when it comes to poor patients.

[Elegiac]

If I was broke and didn't have $400 I would just ignore the hospital bills. You can't get in legal trouble for not being able to pay a medical bill. It's not like they can put anyone in jail over it.

Yes the hospital or taxpayer would foot the bill, that's how it works everywhere when it comes to poor patients.

What part of

significantly damaging that individuals credit score, which follows them for many, many years

Did you miss, exactly? A tanked credit score is incredibly restrictive in terms of financial opportunities and is a huge reason why poverty can be so difficult to escape in this country.

[PC2]

What part of



Did you miss, exactly? A tanked credit score is incredibly restrictive in terms of financial opportunities and is a huge reason why poverty can be so difficult to escape in this country.

Hmm well I've never used or even known my credit score once in my life. My parents taught me to stay away from personal debt.

[Edge-]

Hmm well I've never used or even known my credit score once in my life. My parents taught me to stay away from personal debt.

Then you're shooting yourself in the foot. Maintaining a good credit score is important if you want to get a loan or anything else, and personal debt can actually help boost the score if you're making consistent payments on time.

I was the same for a while, but I ended up getting a credit card in large part to build my credit score. I'm fortunate that I'm financially stable so I can treat it as a debit card and pay off the balance every month and it's helped make sure I've got a solid credit score. Others aren't so fortunate, and bankruptcy can absolutely fuck over people for years and years after they have to declare.

[NED funded]

Leftists lie a lot about poverty to support their agenda. They are good policies mind you but its very dishonest from their part.

[Eveningforest]

If I was broke and didn't have $400 I would just ignore the hospital bills. You can't get in legal trouble for not being able to pay a medical bill. It's not like they can put anyone in jail over it.

Yes the hospital or taxpayer would foot the bill, that's how it works everywhere when it comes to poor patients.

No, that is not how it works everywhere. Other first world countries cover their citizens with health care policies and the universal health care system gets paid for collectively by everyone through taxes. Why do you thing hospital prices are so high here to begin with? At least partially it is because of so many uninsured people.

Not surprised that a conservative would be proposing not paying their medical bills while at the same time preaching about personal fiscal responsibility.

Just a word of advice from someone who's pretty familiar with the hospital system. Don't ever rely on the emergency department to cure you in any way. They are there to patch you up, give you Tylenol and send you on your way. They will not cure your cancer or perform a surgery. Living your life without health insurance is a good way to end up sick, bankrupt and dead.

[PC2]

Then you're shooting yourself in the foot. Maintaining a good credit score is important if you want to get a loan or anything else, and personal debt can actually help boost the score if you're making consistent payments on time.

I guess. Before I got a house I saved up $50k more than the down payment and then used that as collateral for the mortgage. I'm assuming my credit score wasn't great since I never tried to build it up.

[DisposableHero]

Leftists lie a lot about poverty to support their agenda. They are good policies mind you but its very dishonest from their part.

It's not a lie, it's a reasonable interpretation of the data. Also, those speaking it aren't leftists.

[NED funded]

It's not a lie, it's a reasonable interpretation of the data. Also, those speaking it aren't leftists.

How would you choose to spend a 400$ emergency spending? Is very different to can you afford to cover a 400$ emergency spending? Its not a reasonable interpretation. Besides the question allows multiple options so the % isnt even right

- - - Updated - - -

This is leftist fake news.

[DisposableHero]

How would you choose to spend a 400$ emergency spending? Is very different to can you afford to cover a 400$ emergency spending? Its not a reasonable interpretation. Besides the question allows multiple options so the % isnt even right

It is a statistic. 39% of American adults would have to take on debt, or receive a gift from friends or family, to cover a $400 expense. That is a statistic. It is not a question, nor is it in dispute. Phrasing it to say they cannot cover the expense is a reasonable re-framing of that statistic, because they require outside assistance to cover the cost, and in the absence of that assistance they could not pay it. That you Rand fetish capitalist boot lickers immediately default to "poverty is a character flaw" is not in question, nor does it have any impact on the statistic.

Some of them could clearly have sacrificed something they deemed important to have the ability to cover that expense. Not making that sacrifice is, especially without context, not a character flaw. The fact that they could have made some form of sacrifice doesn't invalidate the fact that they didn't and correspondingly can't cover that expense now.

[NED funded]

It is a statistic. 39% of American adults would have to take on debt, or receive a gift from friends or family, to cover a $400 expense. That is a statistic. It is not a question, nor is it in dispute. Phrasing it to say they cannot cover the expense is a reasonable re-framing of that statistic, because they require outside assistance to cover the cost, and in the absence of that assistance they could not pay it. That you Rand fetish capitalist scum suckers immediately default to "poverty is a character flaw" is not in question, nor does it have any impact on the statistic.

Some of them could clearly have sacrificed something they deemed important to have the ability to cover that expense. Not making that sacrifice is, especially without context, not a character flaw. The fact that they could have made some form of sacrifice doesn't invalidate the fact that they didn't and correspondingly can't cover that expense now.

Its not a matter of choosing to be poor lol.

Here is the full question:

Suppose that you have an emergency expense that costs $400. Based on your current financial situation, how would you pay for this expense? If you would use more than one method to cover this expense, please select all that apply.

So first thing here. YOU CAN CHOOSE MORE THAN ONE OPTION. A person can answer that they would pay using credit card OR from their savings.

If you count the answers:

https://www.federalreserve.gov/publi...-questions.htm

Look for the statistic there see how it doesnt add up to 100%?

Its not a reasonable interpretation at all save for the people that answered that they cant cover it or use a payday loan.

I swear leftists man.

[Wyrt]

lol

What a stupid article.

"It's true that 39% of people can't cover a $400 expense, but they could always go into debt so the statement is wrong!"

So, Harris and Warren are right. The article is just reaching into stupidity to try to claim they're wrong.