"Four in ten Americans can't cover an unexpected $400 expense according to a report from the Federal Reserve Board." (CNN)
"78% Of Workers Live Paycheck To Paycheck," says Forbes
"58 percent of Americans had less than $1,000 saved," says Yahoo Finance
"Only 37% of Americans believe today's children will grow up to be better off than they were," says Marketwatch
According to Pew Research, "Majorities predict that the economy will be weaker, health care will be less affordable, the condition of the environment will be worse and older Americans will have a harder time making ends meet in the future than they do now."
Finally, according to a MassMutual US survey, "54% of respondents think the American Dream (defined as financial security for themselves and their family) is no longer attainable."
The majority of Americans never reaped the benefits of the economic recovery and they're certainly not ready for another debilitating slump. As the data show, most people are living on the edge already and barely hanging on by the skin of their teeth. Another downturn will put them into freefall which will dramatically increase homelessness, food insecurity and destitution. The federal government should be looking for ways to soften the blow now instead of waiting for the markets to crash and the economy to shrivel. Forward-thinking leaders should be able to see the handwriting on the wall and realize that we are fast approaching zero hour, a crisis the likes of which we haven't seen since the 1930s.
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