The Middle Class Is Being Destroyed: Now Only 25 Percent Of All Americans Have $10,000 Or More In Savings

We just got more evidence that the middle class is being systematically eviscerated. According to a GOBankingRates survey that was just released, more than half the country has less than $1,000 in savings. So in the event of a major economic disaster of some kind, over 50 percent of the nation is going to be completely out of cash almost immediately. For years I have been writing about the steady decline of the middle class in the United States, but I still get astounded by numbers such as these. According to this new survey, only 25 percent of all Americans have $10,000 or more in savings at this point…
$0 saved: 39 percent
Less than $1,000 saved: 18 percent
$1,000 to $4,999 saved: 12 percent
$5,000 to $9,999 saved: 6 percent
$10,000 or more saved: 25 percent
Other surveys have come up with similar results. One discovered that about two-thirds of the country is living paycheck to paycheck, and another which was conducted by the Federal Reserve found that 44 percent of all U. S. adults do not even have enough money ‘to cover an unexpected $400 expense’.
Most of us have grown accustomed to barely scraping by from month to month. But that is not what being ‘middle class’ is supposed to be about. If you are in the ‘middle class’ you should be making more than you are spending and building long-term wealth.
But just like our federal government, most of us are spending money like there is no tomorrow. If we don’t have quite enough money for what we want to do, we just borrow more. Right now, U. S. consumers are more than 12 trillion dollars in debt, and it is impossible to build any real wealth when you are constantly drowning in red ink.
We are willingly enslaving ourselves, but most people were never even taught about the dangers of going into too much debt.

This post was published at The Economic Collapse Blog on September 13th, 2017.