Is anybody surprised by this? I know I’m not.
The U.S. economy is currently facing its toughest challenge since the Great Depression, and millions of Americans suddenly find themselves out of work. Financial experts have long advised people to build a savings account for emergencies, but it’s fairly safe to say that no one saw a widespread economic emergency of this scale coming. We’re all scrambling to adapt, but a new survey is illustrating just how bad the situation is for many Americans.
A total of 1,100 Americans were polled, and one in four (25%) said they don’t have any emergency savings at all. Another 23% only have enough to get by for three weeks. While there is some help on the way in the form of $1,200 government stimulus checks, 42% said they’ll have to immediately spend that money on bare essentials like groceries.
Most Americans have been living off of credit cards and huge loads of debt. Their entire lifestyle has been an illusion. This doomsday virus hysteria that has shut down much of the economy is revealing just how financially insolvent people are.
So what’s going to happen when all these people have maxed out their credit cards and no longer have food to eat?
It could very well look like a scene out of the movie Soylent Green.
