Debtism Rules Nearly Half of All US Households
According to a Pew Charitable Trust analysis of Federal Reserve survey data, 47% of U.S. households spend 100% of their income, go into debt, or dip into savings so they can cover their annual expenses.
On top of that, a typical U.S. household was found to have sufficient cash reserves to cover their expenses for only 21 days if the breadwinner lost their job.
What’s wrong with this picture? What does this say about our economy’s sustainability? Read this website’s Hijacking of Prosperity section for more.