14 Signs That Most Americans Are Flat Broke And Totally Unprepared For The Coming Economic Crisis

The time for getting prepared for the next great economic downturn is rapidly running out, and most Americans are not ready for it at all. The following are 14 signs that most Americans are flat broke and totally unprepared for the coming economic crisis…

#1 According to a survey that was just released, 24 percent of all Americans have more credit card debt than emergency savings.

#2 That same survey discovered that an additional 13 percent of all Americans do not have any credit card debt, but they do not have a single penny of emergency savings either.

#3 At this point, approximately 62 percent of all Americans are living paycheck to paycheck.

#4 Adults under the age of 35 in the United States currently have a savings rate of negative 2 percent.

#5 More than half of all students in U.S. public schools come from families that are poor enough to qualify for school lunch subsidies.

#6 A study that was conducted last year found that more than one out of every three adults in the United States has an unpaid debt that is “in collections“.

#7 One survey discovered that 52 percent of all Americans really cannot even financially afford the homes that they are living in right now.

#8 According to research conducted by Atif Mian of Princeton University and Amir Sufi of the University of Chicago Booth School of Business, 40 percent of Americans could not come up with $2000 right now without borrowing it.

#9 That same study found that 60 percent of Americans could not say yes to the following question…

“Do you have 3 months emergency funds to cover expenses in case of sickness, job loss, economic downturn?”

#10 A different study discovered that less than one out of every four Americans has enough money stored away to cover six months of expenses.

#11 Today, the average American household is carrying a grand total of 203,163 dollars of debt.

#12 It is estimated that less than 10 percent of the entire U.S. population owns any gold or silver for investment purposes.

#13 48 percent of all Americans do not have any emergency supplies in their homes whatsoever.

#14 53 percent of all Americans do not even have a minimum three day supply of nonperishable food and water in their homes.

If you are trusting in the government to save you when things fall apart, you will be severely disappointed.

a reply to: wasaka

I don't see a question for #9....

But, I'm not sure what percentage would be okay...

originally posted by: TNMockingbird
a reply to: wasaka

I don't see a question for #9....

But, I'm not sure what percentage would be okay...

“Do you have 3 months emergency funds to cover expenses in case of sickness, job loss, economic downturn?”

Survey says.... 6 out 10 people are totally screwed.

Got it!
Thanks...

5 out of 14 not a good answer so....I'm probably screwed!
Great!

Wow. We are in pretty bad shape. It's my goal NOT be in any debt and have enough savings. Not to mention saving for a retirement. That's another question they forgot to ask but I'm pretty sure that it's equally as bad.

a reply to: wasaka

Talking about funds not in possession in a situation where funds won't matter is kind of redundant, don't you think?

When we do have our economic collapse, the currant fiat currency will be nothing more than bum wiping material!

Food, weapons, and ammunition will quickly become the new currency when total anarchy becomes reality.

Have you seen people fighting over a dvd player on Black Friday at Walmart? What if there is a food shortage, there will be mayhem,

originally posted by: blackmetalmist
Wow. We are in pretty bad shape. It's my goal NOT be in any debt and have enough savings. Not to mention saving for a retirement. That's another question they forgot to ask but I'm pretty sure that it's equally as bad.

62 percent of all Americans are living paycheck to paycheck

That kinda says it all.

Personally, I am determined to change this.

Saving money isn't ez, but when you do, you will feel empowered.

originally posted by: VimanaExplorer
Have you seen people fighting over a dvd player on Black Friday at Walmart? What if there is a food shortage, there will be mayhem,

I remember seeing a YouTube video from Black Friday
and thinking the same thing.... it really drive the point home.

If you find it, post it.

originally posted by: seeker1963
a reply to: wasaka

Talking about funds not in possession in a situation where funds won't matter is kind of redundant, don't you think?

When we do have our economic collapse, the currant fiat currency will be nothing more than bum wiping material!

Food, weapons, and ammunition will quickly become the new currency when total anarchy becomes reality.

True.

20 survival things you will need for your family in the event of emergency

If you live paycheck to paycheck, fine, but getting
your survival plan together ought to a priority.

Is this to be a slow death scenario then? Where those with resources to "see them through" aren't set upon by the rest?

Do we shelter in place or join the refugees on the road, moving ahead of the maelstrom, whatever it is?

Pray for a quick ending of the nuclear bomb, asteroid or sunspot ish kind.

I'm waiting for the Chinese bubble to bust, it has been a long time coming. When it does happen it will be worst then 2008 in the US.

originally posted by: seeker1963
a reply to: wasaka

Food, weapons, and ammunition will quickly become the new currency when total anarchy becomes reality.

I'm banking on medication (especially anti-depressants and fashionable drugs), cigarettes, alcohol, and porn. Have enough of those four things and you can get whatever you need from just about anybody.

I'll pay the guy or gal who stocked up on guns to guard it all for me.

originally posted by: Cuervo

originally posted by: seeker1963
a reply to: wasaka

Food, weapons, and ammunition will quickly become the new currency when total anarchy becomes reality.

I'm banking on medication (especially anti-depressants and fashionable drugs), cigarettes, alcohol, and porn. Have enough of those four things and you can get whatever you need from just about anybody.

I'll pay the guy or gal who stocked up on guns to guard it all for me.

I wasn't thinking ahead as far as the black market goods go! lmao

The problem with trying to prepare for the economic crisis is it will take a lot of currency because I'm sure the electric company won't give free electricity. Likewise, water and garbage fees, phone, cable, insurance: medical, auto and home/renters. Sure there are some things you can cut like cable and ride your bike to the local library for internet access but your basic service providers will still want to collect their fees. Property taxes will still be accumulating and the government will still confiscate your home if you can't pay after some time. Landlords will still want their rent and mortgage companies will still want their payments. Car notes will still need to be paid.

Having a bunch of tuna and pasta, beans and rice stored won't cut it. It'll help but it's not the answer. While people may be able to eat because of the reserves they've stored, the whole rest of their world will be falling down around them.

originally posted by: StoutBroux

The problem with trying to prepare for the economic crisis is it will take a lot of currency because I'm sure the electric company won't give free electricity. Likewise, water and garbage fees, phone, cable, insurance: medical, auto and home/renters. Sure there are some things you can cut like cable and ride your bike to the local library for internet access but your basic service providers will still want to collect their fees. Property taxes will still be accumulating and the government will still confiscate your home if you can't pay after some time. Landlords will still want their rent and mortgage companies will still want their payments. Car notes will still need to be paid.

Having a bunch of tuna and pasta, beans and rice stored won't cut it. It'll help but it's not the answer. While people may be able to eat because of the reserves they've stored, the whole rest of their world will be falling down around them.

Your assuming that those services will still be available. How many employees will show up for work? When the current derivatives market collapses and shuts down the top 6 banks in the US because they have over 200 Trillion in unaccountable funds invested in it, do you think people will show up to work when banks shut down?

How 9 Banks Are Exposed To $200 Trillion Worth Of Derivatives

The above link in from 2012! It's WORSE NOW!

a reply to: Cuervo

and steal it all..

If anarchy broke out i'd just get 5 mates, all armed to go and hijack someone's home who'd bee hording and preparing.

a reply to: seeker1963

If you check back to the 1930s, Raw Deals etc., although the basic services were quite different, they were available even though many weren't yet converted to the more modern technologies. The government will step in and make sure people have a way to get food and water, electricity. And there are many people who have gold and silver they can use to pay for basic services. You can't have thousands starving and freezing to death. Check your state though. Say your home is paid for and it's value is 80,000.00 but you only have a few thousand saved. Many states are asset based in government assistance programs so you're out of luck for food stamps if you have over 30,000 in assets.

Although the freezing to death part or people losing their dwellings to non payment, the FEMA camps seem to be a real answer to the potential mass of people with no food or place to live.

This study said. That study said, etc. Out of the 14 points only two even mention what study it was and NONE have links to the studies they say were conducted. Plus your quote that cites the studies has no link so we don;t even know where that came from.

In other words, as stated, this is nothing but Doom Porn. It's like a typical click bait list.

originally posted by: StoutBroux
a reply to: seeker1963

If you check back to the 1930s, Raw Deals etc., although the basic services were quite different, they were available even though many weren't yet converted to the more modern technologies. The government will step in and make sure people have a way to get food and water, electricity. And there are many people who have gold and silver they can use to pay for basic services. You can't have thousands starving and freezing to death. Check your state though. Say your home is paid for and it's value is 80,000.00 but you only have a few thousand saved. Many states are asset based in government assistance programs so you're out of luck for food stamps if you have over 30,000 in assets.

Although the freezing to death part or people losing their dwellings to non payment, the FEMA camps seem to be a real answer to the potential mass of people with no food or place to live.

Although the freezing to death part or people losing their dwellings to non payment, the FEMA camps seem to be a real answer to the potential mass of people with no food or place to live.

When the SHTF, everything you seem to be depending on will be non existent. Trust me! We will be on our own, and those who run to the so called Fema camps, will NEVER see their homes again!

Cognitive Dissonance is the biggest weapon our current leaders have over us. We all think it can never happen, when in fact all of the current signs says it will happen.