It’s a stat that has been rolled out a lot by many in the last year including:
Kamala Harris
Elizabeth Warren
Bernie Sanders
News organizations https://bloom.bg/2Im9sdc pic.twitter.com/WHFVMAv0hD
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“40% of Americans can’t cover a $400 emergency expense.” Is this shocking statistic really true?https://bloom.bg/2Im9sdc
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If it really were the case, daily life would be affected in obvious ways:
You’d frequently have a coworker out of the office who can’t afford to buy a new tire
Almost half of Americans wouldn’t be able to afford to fix their dishwashers https://bloom.bg/2Im9sdc pic.twitter.com/4apNQ5EqOX
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The claim is based on an inaccurate reading of one survey question: In 2018, a Fed report found that 61% of adults would cover a $400 unexpected expense using cash. But that doesn’t mean that 39% of people wouldn’t be able to pay at all https://bloom.bg/2Im9sdc pic.twitter.com/JRAcGNYS4U
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The Fed report makes clear that the remaining 4 in 10 adults would have more difficulty, but could make it work by:
Carrying a credit card balance
Borrowing from friends and family https://bloom.bg/2Im9sdc pic.twitter.com/qY16gYG7YV
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Some may also choose to borrow even if they had $400 available in the bank. A number of people with healthy finances carry some credit-card debt while also holding cash https://bloom.bg/2Im9sdc pic.twitter.com/kIPvFbJFtd
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The survey throws up some other findings which are inconsistent with the misinterpretation:
85% would still be able to pay bills after the $400 expense
Only 14% say that it would affect being able to pay bills https://bloom.bg/2Im9sdc pic.twitter.com/nyEcb0j9x2
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That doesn't mean there isn't a problem:
12% of Americans would be unable to pay the $400 emergency expense by any means
17% can't pay all their bills in full https://bloom.bg/2Im9sdc pic.twitter.com/1NpcwsIclD
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By making the problem seem so widespread, politicians and journalists are making it harder to identify how to help people who really are suffering financial hardship https://bloom.bg/2Im9sdc pic.twitter.com/gygqhGkTKC
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