Twenty-six percent of Americans have no emergency savings, according to a report by Bankrate.com. Over the past four years, there has been little to no progress when it comes to Americans' saving capacity.
Even those who manage to save aren't putting away enough. As many as two-thirds of people in the U.S. don't have the recommended six months of expenses saved. The percentage of people with savings enough to cover at least three months shrank to 40 % in 2014, compared with 45%, a year earlier.
Despite Americans being more secure in their jobs and more comfortable with their debt since the recession ended, their savings capacity remains weak even among those with highest-income household. Only 46% of those with annual income of $75,000 or above have enough savings to cover six months of expenses.
Monday, June 23, 2014
Signs of the coming Zombie Apocalypse: 26% have no savings.
I've been saying things were teetering perilously close to the edge, socially speaking. One good computer crash could obliterate entire cities. Here's how:
What does that mean? It means one out of four individuals is depending on a constant, unwavering income stream just to eat. They have no cushion in case their paycheck might not show up for a month.
Why is this happening? Because 40%- 60% of your income is TAX, that's why. Nobody can save because nobody is making so much money they can pay off everything on half an income.
This is just the people who are working. This does not include the hordes on social welfare payments, living week to week on food stamps and what have you.
One hiccup and it will get ugly QUICK as people try to sell cars and houses to get food. Just imagine Detroit, but bigger and all the collapse happening in a month.
That's a zombie apocalypse.
What's the US government doing about it? Importing 100,000 Mexican refugees a month and turning up the heat on taxes. Oh, and stomping on any groups who stand up and say this is what they're doing. See Lerner, Lois: lost email problem.
Just to put things in perspective.