Most Americans can't afford a $1,000 emergency expense

I see it as a direct result of credit. Well, obviously, the lack of decent jobs (without the need for a super, duper high degree first) is/has been a big problem.

But frankly, I don't think people would have tolerated the job market we've been dealing with for decades had it not been for easy access to credit and "payment plans" for every little purchase. Which (obviously) just stuck them with debt that takes a lifetime to pay (thanks to high interest that invariably comes when you use credit habitually).

If people HAD TO pay cash for things that cost more than a few dollars, I think we would have seen a lot more of an outcry about the offshoring of our decent manufacturing jobs.

You know? I always say nothing brings things into focus like necessity. If you have a few credit cards in your wallet and at least enough income to pay your bills, you're not really hurting (yet). You're going to be more inclined to just pay the payments for your credit purchases. You're not going to be demanding a better job as long as there's a path of least resistance available. Credit (and even bankruptcy) is that path for many people. This is why people slept just fine even though they knew the jobs were going away.