In other words, too many of us are living paycheck to paycheck. The CFED calls these folks “liquid asset poor,” and its report finds that 44% of Americans are living with less than $5,887 in savings for a family of four. The plight of these folks is compounded by the fact that the recession ravaged many Americans’ credit scores to the point that now 56% percent of us have subprime credit. That means that if emergencies arise, many Americans are forced to resort to high-interest debt from credit cards or payday loans.
Read more: Nearly Half of America Lives Paycheck-to-Paycheck | TIME.com http://business.time.com/2014/01/30/nearly-half-of-america-lives-paycheck-to-paycheck/#ixzz2rvoKb1pV
This is an unbelievable drag on U.S. economic growth. This will be the defining issue for the next decade.
