Money Talks, People Don’t

“The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew? Well, I knew. I knew because I am in that 47 percent.” In The Atlantic, Neil Gabler on the secret shame of middle class Americans. “In the 1950s and ’60s, economic growth democratized prosperity. In the 2010s, we have democratized financial insecurity.”

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