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Something like 30% of 30-year-olds still live with their parents. Almost 40% of American adults cannot afford a $400 emergency expense. People are suffering and

by davisr 2y ago

Something like 30% of 30-year-olds still live with their parents. Almost 40% of American adults cannot afford a $400 emergency expense. People are suffering and you're indifferent because you exist in a different class.

verteu 2y ago
Appreciate the reply. For the curious, here's a source for the emergency expenses number (32% can't afford a $500 expense with their savings per Table 12): https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-expenses.htm https://www.federalreserve.gov/publications/2023-economic-we...
- wumeow 2y ago
  Notice that really only 13% of households can’t absolutely afford a $400 dollar expense, and the difference between the 32% for $500 vs the 40% for $400 > Sixty-eight percent of adults said they could pay an expense of at least $500 using only their current savings (table 12). This is a somewhat larger share than the 63 percent of adults who said they would pay an unexpected $400 expense with cash or the equivalent, suggesting that some people do choose to pay with other methods, even if they have cash savings available to them.
IAmGraydon 2y ago
I'm not clear on how you're linking the stats (which are, BTW, off by about 20%) you just posted to the state of the economy. Can you clarify? 40% of people not saving $400 doesn't mean the economy is bad. It could mean they don't know how to save the money they're earning. Perhaps something else is wrong.
- davisr 2y ago
  > One-in-three U.S. adults ages 18 to 34 live in their parents’ home, according to U.S. Census Bureau data from 2021. https://www.pewresearch.org/short-reads/2023/05/03/in-the-u-s-and-abroad-more-young-adults-are-living-with-their-parents/ https://www.pewresearch.org/short-reads/2023/05/03/in-the-u-... > Nearly 4 in 10 Americans lack enough money to cover a $400 emergency expense https://fortune.com/2023/05/23/inflation-economy-consumer-finances-americans-cant-cover-emergency-expense-federal-reserve/ https://fortune.com/2023/05/23/inflation-economy-consumer-fi... > What a $400 emergency expense tells us about the economy https://www.minneapolisfed.org/article/2021/what-a-400-dollar-emergency-expense-tells-us-about-the-economy https://www.minneapolisfed.org/article/2021/what-a-400-dolla... And the master of them all: https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/

by davisr 2y ago

verteu 2y ago

Appreciate the reply. For the curious, here's a source for the emergency expenses number (32% can't afford a $500 expense with their savings per Table 12): https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-expenses.htm https://www.federalreserve.gov/publications/2023-economic-we...

wumeow 2y ago
Notice that really only 13% of households can’t absolutely afford a $400 dollar expense, and the difference between the 32% for $500 vs the 40% for $400 > Sixty-eight percent of adults said they could pay an expense of at least $500 using only their current savings (table 12). This is a somewhat larger share than the 63 percent of adults who said they would pay an unexpected $400 expense with cash or the equivalent, suggesting that some people do choose to pay with other methods, even if they have cash savings available to them.

IAmGraydon 2y ago

I'm not clear on how you're linking the stats (which are, BTW, off by about 20%) you just posted to the state of the economy. Can you clarify? 40% of people not saving $400 doesn't mean the economy is bad. It could mean they don't know how to save the money they're earning. Perhaps something else is wrong.

davisr 2y ago
> One-in-three U.S. adults ages 18 to 34 live in their parents’ home, according to U.S. Census Bureau data from 2021. https://www.pewresearch.org/short-reads/2023/05/03/in-the-u-s-and-abroad-more-young-adults-are-living-with-their-parents/ https://www.pewresearch.org/short-reads/2023/05/03/in-the-u-... > Nearly 4 in 10 Americans lack enough money to cover a $400 emergency expense https://fortune.com/2023/05/23/inflation-economy-consumer-finances-americans-cant-cover-emergency-expense-federal-reserve/ https://fortune.com/2023/05/23/inflation-economy-consumer-fi... > What a $400 emergency expense tells us about the economy https://www.minneapolisfed.org/article/2021/what-a-400-dollar-emergency-expense-tells-us-about-the-economy https://www.minneapolisfed.org/article/2021/what-a-400-dolla... And the master of them all: https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/