Americans burning through cash with household savings collapsing
Household savings are declining sharply post-COVID stimulus. Further decline is forecast. h/t Infamous_Sympathy_91
savings
Consumers drowning in debt, savings wiped out. 63% can’t cover a $2,000 emergency, worst in a decade
Consumers are feeling the pinch, and the situation is only getting worse. After years of negative real wage growth and escalating credit card debt, retail sales are reflecting a harsh reality: inflation is biting harder than ever. After 4 years of negative real wage growth and mounting credit card debt, consumers are done; retail sales …
Americans Emergency Savings Is GONE
Every year Bankrate does an annual emergency savings report and they survey Americans, and find out how much money people have saved for emergencies, which helps us gauge the financial health of the overall US economy. And surprise surprise it’s not looking good. In fact, it’s even worse than it was a year ago.
If he had put it in a high-yield savings account, he could still live well with most basic expenses covered by the interest.
I’ve lost $700k what the fuck do I do? byu/Smartmoney243 inwallstreetbets
The D.O.G.E. Clock has been integrated into the U.S. Debt Clock, now live and tracking savings in real time.
even better version with live updates of expenditure actions pic.twitter.com/lDLvrADDJi — Arthur MacWaters (@ArthurMacwaters) January 21, 2025 https://www.usdebtclock.org/
WSB trader put life savings into NVIDIA and lost it all. Timing is everything.
I put my life savings into NVIDIA and lost it all. Timing is everything. byu/DubiouslyCurious inwallstreetbets
Trump pushes to eliminate Daylight Saving Time, calling it inconvenient and costly.
CNN — President-elect Donald Trump said Friday the Republican Party would try to eliminate Daylight Saving Time, calling it “inconvenient” and “costly.” “The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our Nation,” …
History repeats: From subprime mortgages to dot-coms, now an everything bubble. A WallStreetBets trader with $1M+ in losses seeks a partner with $1M+ in gains to offset and share savings.
Commercial real estate bubble is popping as we speak. — YW770 (@yosefwolf770) December 11, 2024 1. Stocks: all-time highs2. Home Prices: all-time highs3. Bitcoin: all-time highs4. National Debt: all-time highs5. Core CPI Inflation: >3% for 42 straight months, longest run of high inflation since early 1990s6. Fed: cutting rates again next weekhttps://t.co/R87GogKWA4 pic.twitter.com/iAFkBqmsid — Charlie …
‘I have no money’: Thousands of Americans see their savings vanish in Synapse fintech crisis
Ouch! For 15 years, former Texas schoolteacher Kayla Morris put every dollar she could save into a home for her growing family. When she and her husband sold the house last year, they stowed away the proceeds, $282,153.87, in what they thought of as a safe place — an account at the savings startup Yotta …
“I Lost My Job, Have No Savings And Can’t Pay The Mortgage”
Losing a job while having a mortgage and no savings can be a terrifying experience. If you act carefully, you can make it through the other side without losing your house. However, if you don’t take the right steps quickly, you could end up in a foreclosure situation.
US credit card interest rates hit 23.4%, a record high, with debt at $1.36 trillion. Soaring rates and low savings create a perfect financial storm.
With savings rates at near-record lows, you have the perfect storm. ⛈️ https://t.co/3h3h5vXzaP pic.twitter.com/ng2y457iqa — The Great Martis (@great_martis) October 8, 2024 They’ve maxed out their balances. There’s no more pretend money to spend. Credit Card Spending Tanked in August; The American Consumer Tapped Out? How close are Americans to hitting their credit card limits? …
Personal savings rate has been revised from 2.9% to 4.9% for August – recession cancelled?
https://fred.stlouisfed.org/graph/?g=580A There’s good news in another corner of today’s report: Americans are saving more than previously thought. The personal saving rate, a measure of the disposable income left over after Americans pay their taxes and regular expenses, was 4.8% in August. The July reading was revised upward, from 2.9% to 4.9%. https://www.marketwatch.com/livecoverage/pce-report-for-august-inflation-data-in-the-spotlight-after-fed-s-half-point-rate-cut/card/so-much-for-that-red-flag-consumers-are-saving-more-new-data-shows-b9FLxHAtnRTjI2fZIKgC h/t im____new____here
Over 25% of U.S. renters spend half their income on housing; savings rate dips to 2.9%.
25.6% of U.S. renters are spending more than half their income on housing, per Axios. — unusual_whales (@unusual_whales) September 23, 2024 Personal Savings Rate Continues Decline The American piggy bank is running on empty. In a troubling sign for household financial health, the latest data from July 2024 reveals that the personal savings rate in …
Americans Have Spent All of Their Pandemic Savings and Then Some
by Mike Maharrey Talking heads and politicians laud the “resilience” of American consumers. They managed to keep spending despite rapidly rising prices thanks to post-pandemic price inflation. But these pundits and politicos rarely talk about how Americans have weathered the inflationary storm. When you look at the big picture, it’s not a story of resilience but one …
The rate cut boosts bank profits but fails to lower mortgage rates, while the US 30-year and 3-month yield spread edges up.
https://twitter.com/RJRCapital/status/1836734007062470665 US 30 Yr minus the 3-month pic.twitter.com/f1UqwiYV2Z — Michael J. Kramer (@MichaelMOTTCM) September 19, 2024 https://twitter.com/RJRCapital/status/1836735432463102043 hedge funds starting to hedge with short bonds ETFs Macro furus long bonds in shambles — Alessio (@AlessioTMAD) September 19, 2024 Cuts ✂️ & Returns 📉 📈 pic.twitter.com/x4wS2qdlNp — Win Smart, CFA (@WinfieldSmart) September 19, 2024
Americans are depleting capital faster than producing, negative net savings since early 2023. Economy now relies entirely on foreign net savings
"Americans are consuming more capital than they produce. US national net savings by households, businesses and the government have been negative since 1Q23, for only the third time since 1947. The other two times were 2008-11 and 2020." Gavekal pic.twitter.com/jWUcaT66Md — Win Smart, CFA (@WinfieldSmart) September 18, 2024 BREAKING: Total consumer credit jumped by $25.5 …
US Consumers Savings Are Completely Gone
@FinanceLancelot liquidity crunch is about to hit hard on top of everything else — BC (@badcompuny) September 15, 2024 Seeing net savings tank to -0.9% of GNI is worrying enough, but the rising unemployment rate makes it even more troubling. When people are running out of savings and jobs are becoming scarcer, it’s a big …
IRS Plans Changes to Boost Retirement Savings With $1,000 Saver’s Match Program
Just about everyone has a view on China’s economic troubles. Its deepening property crisis, deflationary currents, and increasing protests are all Asia observers can talk about. Yet one very important voice is barely saying a word about the state of Asia’s biggest economy: President Xi Jinping. This is true both rhetorically and by way of …
US Pandemic Savings
Source: LSEG Datastream, wealth advisory firm Marcum Wealth. San Francisco Fed shows the same data: https://www.frbsf.org/research-and-insights/blog/sf-fed-blog/2024/05/03/pandemic-savings-are-gone-whats-next-for-us-consumers/ A chart. Amazing that 4 years later, that much money is still sitting around. h/t 4score-7
Retirement Red Zone: Will Your Savings Hold Up?
The five years before and after retirement are the most crucial for the long-term success of your retirement plan. Here’s why the “Retirement Red Zone” determines whether you’ll enjoy your golden years in peace, or spend them desperately scrambling for income… From Peter Reagan at Birch Gold Group How many of us identify with this description? …
The Wheels Came Off Biden/Harrisnomics: Record Low Savings Rate And Record High Consumer Debt
by confoundedinterest17 The wheels are coming off Bidenomics. Code for corporate welfare and massive government spending. Coupled with misguided and burdensome regulations, we got gut wrenching inflation. The result? A disastrous stock market showing yesterday. What has Biden/Harris’ economic agenda wrought? Record high personal debt and record low savings rates.
Cops laugh after seizing man’s life savings
https://twitter.com/_/status/1818331555288523051 Marine veteran Stephen Lara, lost access to his life savings, roughly $87,000 in cash, for an entire year. He's suing the State of Nevada for compensation.Good for him, he was judged guilty and had to prove his innocence for carrying legal tender. https://t.co/F20juHNhmu — Ed Renner (@Onecrazyndn) July 30, 2024
Consumer sentiment is lower today than during the height of the pandemic lockdown in March/April of 2020. $2.1 trillion of US excess savings were spent in 3 years
Consumer sentiment is lower today than during the height of the pandemic lockdown in March/April of 2020. It is currently at levels traditionally seen during recessions. — Wealthion (@wealthion) July 14, 2024 THIS IS WILD: $2.1 trillion of US excess savings were spent in 3 years As a result, cumulative excess savings are now NEGATIVE …
Bulls, when this explodes, don’t tell anyone that you bet your life savings on the “Magnificent Seven” in an artificial intelligence bubble.
Bulls, when this explodes, don't tell anyone that you bet your life savings on the "Magnificent Seven" in an artificial intelligence bubble. They'll treat you like Joe Biden for the rest of time. pic.twitter.com/zIUD5EAGHl — Mac10 (@SuburbanDrone) July 12, 2024 Barron's today:"Rate Cuts Look Imminent"https://t.co/sSVMrTbplY"It was the Magnificent 7 that drove Thursday’s declines in the …
Consumer loan default rate hits highest level since 2012 as excess savings deplete.
IMO- Retail sales NUMBERS have held up due to total dollars, but that means buying less physical goods. NOW, cumulative inflation has pushed people into getting even less and adding more on their cards just to survive? — Scott Sheller (@ScottSheller) July 5, 2024 CAUTION: Housing defaults have just skyrocketed This is unlike anything we’ve …
Bloomberg reports 18% of US adults can cover emergencies with less than $100 savings
According to Bloomberg, approximately 18% of U.S. adults reported that the largest emergency cost they could cover using only their savings was under $100. Additionally, 14% stated they could manage an expense ranging from $100 to $499. These findings highlight the financial vulnerability faced by a significant portion of the population when it comes to …
Most Americans, two paychecks from bankruptcy, with less than $1000 in emergency savings.
More Americans may be struggling to make ends meet. A majority, 65%, say they live paycheck to paycheck, according to CNBC and SurveyMonkey’s recent Your Money International Financial Security Survey, which polled 498 U.S. adults. That’s a slight increase from last year’s results, which found that 58% of Americans considered themselves to be living paycheck …
New AARP Survey: 1 in 5 Americans Ages 50+ Have No Retirement Savings and Over Half Worry They Will Not Have Enough to Last in Retirement
A new AARP survey finds that 20% of adults ages 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement. The findings also reveal a decline in overall sense of financial security among men, 42% of whom describe their financial situation as “fair” or …