4 in 10 Americans Are One Bill From Disaster

Hey!  Did you all know that the stock market is at record highs?  Housing starts are up!  New car sales are up!  Credit card use is up!  Confidence is up!  The deficit is no longer a problem!  Good times are here to stay!  We fixed the problems of 2008 and they are never coming back!

Not so fast....

Almost four out of 10 Americans are living on the edge of financial ruin, given rainy-day funds that either match or are lower than their credit card debt.

About 24 percent have more credit card debt than emergency savings, while another 13 percent have neither credit card debt nor emergency savings, a new survey from Bankrate.com found.

While Americans have never been particularly great savers, at least in recent decades, many workers are finding it harder than ever to sock away money for emergencies. That's because wages have been stagnant or falling for most. The country's lowest-paid workers are the only segment to see a significant pay gain last year, thanks to minimum wage hikes.

"People don't have enough money for unplanned expenses, and if they have more credit card debt than emergency savings, it's a double whammy," said Bankrate chief financial analyst Greg McBride. "In the event of unplanned expenses, their options are limited."

People between the ages of 30 to 49 were in the worst shape, which is likely due to the financial stresses of that age group, such as saving or paying for their children's tuition and paying for higher expenses such as mortgages and child care.

Read more at http://www.prophecynewswatch.com/2015/February24/241.html#HkpSX72uetYIqiWP.99

Wow!  It seems that millions and millions of Americans don't have the ability or the desire to save for their futures.  I'm sure glad we have social security and Obama care to provide everyone a happy and healthy retirement!! (insert sarcasm)

Can you feel a train wreck coming?  Who do you suppose is going to pay for all these people when they can no longer work?  How many jobs are really out there for 70 year old folks to be greeters at Walmart?  Does that job even pay enough for food, rent, clothes and Medicare deductibles?

Nope!  I'm sure glad we have Food Stamps and Section 8 housing!  (more sarcasm)