The U.S. Federal Reserve (Central Bank) has issued a 64-page report that challenges assumptions about the economy that it consistently gives high grades to. Even though “many families have achieved substantial gains” since 2013, the survey found that 39 percent wouldn’t be able to put together $400 for an emergency expense. About 60 percent said that if they lost their jobs, they couldn’t cover three months of expenses even if they took out loans, sold assets, or borrowed from friends and relatives. (For comparison: The consumer debt of the average American credit card holder – not family – is more than $4,000.) The 11,000 interviews upon which the survey was based were on-line, so Americans in the toughest straits – without access to internet or cell phones – may not have been included.
This has been one of the longest economic expansions in U.S. history.