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Teetering On The Brink: 63 Percent Of Americans Are Living Paycheck To Paycheck
Francesco Abbruzzino, The Uncensored Report, LLC
We have reached a point where nearly two-thirds of all Americans are living paycheck to paycheck. So what happens if millions of those people suddenly lose their paychecks during the severe economic downturn that is ahead of us? In 2008, unprecedented numbers of Americans found themselves unable to pay their mortgages when the recession struck, and foreclosures surged to absolutely shocking levels. Unfortunately, we have set ourselves up for the same thing to happen again. Most Americans are literally teetering on the brink of financial disaster, and it won’t take much to push them over the edge.
According to a survey that was just released, 63 percent of Americans were living paycheck to paycheck in September…
As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget.
As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. A year ago, the number of adults who felt strained was closer to 57%.
Why aren’t more people alarmed by the fact that nearly two-thirds of the entire country is just barely scraping by from month to month?
If you do not have anything to fall back on, you are just one major setback away from extreme financial distress.
A job loss, an auto accident or a serious illness could hit at any time. If you suddenly experienced such a tragedy, how would you make ends meet?
A different survey that was recently conducted found that two-thirds of all working adults in the United States believe that they are “worse off financially” than they were 12 months ago…
As inflation pressures continue, two-thirds of working adults said they are worse off financially than they were a year ago, according to a recent report by Salary Finance.
To make ends meet, many are dipping into their cash reserves or going into debt.
Nearly three-quarters, or 72%, of consumers have less in savings than last year, a jump from 55% who said the same in February, the report found. And 29% said they have wiped out their savings entirely. The report is based on a survey of 500 adults in August.
So most of us are living paycheck to paycheck, and most of us are also doing worse than we were in 2021.
Isn’t that just great?
If things are this bad already, what will these numbers look like six months from now?
We continue to get even more evidence that we are plunging into a very painful economic downturn. For example, on Tuesday we learned that U.S. business activity has now contracted for 4 months in a row…
U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand, the latest evidence of an economy softening in the face of high inflation and rising interest rates.
S&P Global said on Monday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September.
And just like we witnessed in 2008, home prices are starting to crash at an alarming rate.