General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe economy is booming. But are Americans' finances healthier because of it?
If you had to grade the U.S. economy today, it would probably get straight As.
The country is a month short of the longest economic expansion ever. Unemployment is at 50-year lows. Stocks notched the longest bull market last year and are again nearing fresh highs. And U.S. home values hit a record high in the first quarter.
But a survey of Americans finds their individual financial security is less clear than those collective highpoints suggest.
-snip-
Worrying signs
The survey, though, revealed a host of concerns about Americans finances.
Retirement savings: Only 58% of Americans have a retirement account, a figure that hasnt hardly moved in 10 years, according to the survey's history. And half worry they may run out of money while retired.
-snip-
Health care costs: While most Americans have health insurance 87%, according to the survey medical costs remain a strain. Nearly three out of 10 avoided a medical service because of cost last year, including a quarter of those with health insurance. Just under 1 in 4 have past-due medical bills.
Student debt: Nearly half with student loans wished theyd gone to a cheaper college. About half didnt fully understand how much they would owe, and half worry they wont be able to pay off their student loans ever, the survey found.
-snip-
Savings and debt: Even though Americans can make ends meet, the percentage spending less than their income has stayed nearly unchanged over the decade. Almost half havent set aside money to cover expenses for three months. And 37% say they have too much debt, the FINRA Foundation found.
-more-
https://www.msn.com/en-us/money/markets/the-economy-is-booming-but-are-americans-finances-healthier-because-of-it/ar-AADa2Z3?li=BBnbfcN
happyaccident
(136 posts)Who cares if employers can fill their jobs if you can't live off the wages? And 84% of all stocks are owned by the upper 10%. That 84% is 11% higher since 2008. Recessions are used to drop asset prices and increase debt. This is good business for foreclosures and banks. The tax cut went mostly to stock buybacks not to worker's wages. Warren's idea of giving workers 40% representation on corporate boards is a start, next thing- profit sharing. I don't look at the news to tell me about this, I just look at my community for the real truth.
Sherman A1
(38,958 posts)As proposed by Andrew Yang.