62% of Americans Don't Have $500

We saw a headline yesterday scrolling across the bottom of CBS MORNING NEWS that 62% of Americans don't have $500 to pay for an emergency, like a car repair, a home repair or a health need.

Hmmmm.....I guess that would mean that 62% also probably don't have anything put away for retirement savings....and 62% probably don't even have a savings account at a bank?

The washing machine broke, you chipped a tooth and the dog needs to visit a heart specialist. And that was just Tuesday.

Unexpected expenses are almost guaranteed to occur, but few Americans are budgeting for them by stashing money in savings each week or month, the latest Money Pulse survey from Bankrate.com has found.

Bankrate commissioned Princeton Survey Research Associates International to conduct its Money Pulse survey on budgeting and unexpected expenses. It interviewed 1,000 people December 17-20, 2015, with results having a sampling error of plus or minus 3.8 percentage points.

"The survey shows that a very significant minority of American households apparently don't have the resources to pay for an unexpected expense of around $1,000," says Stephen Brobeck, executive director of the Consumer Federation of America.

Unexpected expenses occur with such frequency that they should be accounted for by budgeting to save money for emergencies. In Bankrate's survey, 4 of 10 respondents or their immediate family ran into a major unexpected expense last year. Just 57% made it out of 2015 financially unscathed.

Here;  http://www.bankrate.com/finance/consumer-index/money-pulse-1215.aspx?ic_id=Top_Financial%20News%20Center_link_3

These statistics are simply more evidence that the entire financial system is on the verge of implosion.  You simply can't have the majority of people having NOTHING in savings while at the same time every man, woman and child in America owes $$hundreds of thousands in National Debt. It simply can't maintain using this math.

"But Dennis, I don't have any savings and I'm 65 years old.  I get $700 per month from Social Security, I'm no Medicare, I get Section 8 free apartment, I get Food Stamps and I go to the local food shelves and get free food.  I'm living just fine and I have zero in savings....never have, never will.  Plus I expect that at some point the government will have to pay for my nursing home or assisted living costs."

Yes....my point exactly.  With over 5000 Americans turning 65 every single day...the ship is about to capsize.  I honestly am coming to the belief that the ONLY reason it hasn't already tipped over is because of THE GRACE OF GOD.