There is a new Fed report regarding Americans and their savings, and it is pretty alarming.
It says a third of working Americans have no pension and no savings. The Fed surveyed 58 hundred people and 31% have no retirement fund whatever. And 38% of those surveyed said they would just keep working - never retire. For people making less than 40K a year, 55% plan never to retire.
They were asked this question: could you cover a hypothetical emergency expense of $400?
You know, without selling something or borrowing money.
Fully 47% said no. 31% said they went without some form of medical care last year because they couldn't afford it.
The recession ended years ago! This is supposed to be the good times!
But we've done such a good job of paying people less and cutting their benefits that they have less to spend, which is why the recovery has been so anemic.
Which is why, in the long run, the rich getting richer and everybody else lagging behind will be bad for everybody, even the rich.
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