Americans aren’t ready to weather a sustained downturn, new report shows
Ambulances are parked outside the emergency room at St. Barnabas Hospital in the Bronx. A Federal Reserve study says 4 in 10 Americans say they wouldn’t be able to scrape together for a $400 emergency expense, and a quarter of Americans skipped some form of medical care in the past year because they couldn’t afford it.
Almost four in 10 people said they wouldn’t be able to scrape together the cash to meet a $400 emergency expense. Even without any sudden expense, about 17 percent of adults said they would miss a payment on at least one bill during the month surveyed. “Another year of economic expansion and the low national unemployment rates did little to narrow the persistent economic disparities by race, education, and geography,” the report’s authors wrote.
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