Poll: Two-thirds of US would struggle to cover $1,000 crisis
NEW YORK (AP) — Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years of recovery from the Great Recession, Americans' financial conditions remain precarious as ever.
"The more we learn about the balance sheets of Americans, it becomes quite alarming," said Caroline Ratcliffe, a senior fellow at the Urban Institute focusing on poverty and emergency savings issues.
Despite an absence of savings, two-thirds of Americans said they feel positive about their finances , according to survey data released Wednesday by AP-NORC, a sign that they're managing day-to-day expenses fine.
The challenge for many often come from economic forces beyond their control such as a dip in the stock market that threatens their job or an unexpected medical bill, risks that have shattered the confidence of most in the broader U.S. economy.
The AP-NORC results also correlate with a 2015 study by the Federal Reserve in which 47 percent of respondents said they either could not cover a $400 emergency expense or would have to sell something or borrow money.
The findings in the AP-NORC poll illuminate how many Americans' frustrations over the economy, income inequality and insecurity about their financial futures has contributed to this dizzying presidential election season.
Billionaire businessman Donald Trump became the presumptive nominee for the Republican Party largely on a populist platform of kicking out undocumented immigrants, renegotiating free trade agreements and a promise to "Make America Great Again."
Others say U.S. tax policy rewards saving money for retirement or taking out a mortgage to buy a home over short-term emergencies.
"The lack of (savings) is symptomatic to other financial problems that families are having," said William R. Emmons, a senior economic adviser at the Center for Household Financ