62% of Americans don’t even have $1000 in savings: Is the economy really recovering?

  • Yes, the economy is recovering, albeit very slowly.

    Indeed, there has been gradual increase in the United States' GDP growth and decrease in unemployment rates since the recession began six years ago. Wages have been stagnant over the last few decades, however; this likely makes it difficult for workers to accumulate significant funds, making it appear to some as though the economy as a whole is not recovering.

  • Yes it is, but it's a slow process

    Although the personal savings rate in the US has dropped sharply over the last several years, other countries such as Canada have also seen a decrease. The economy is recovering, but very slowly. jobs have been added, and the unemployment rate has fallen. The US economy is a pretty big mess, it took a while to get there and it will take longer to straighten out.

  • Yes, the economy is really recovering regardless of American saving habits.

    Although the economy is recovering, we live in an age of instant gratification and the ability to instantly purchase whatever it is that we desire. I strongly believe that this is the reason most people have less than $1,000 in savings. That still leaves 38 out of 100 Americans who are responsible enough to keep emergency funds and savings, equalling over 120 million Americans with over $1,000 in savings.

  • No, absolutely not.

    We have a whole generation of debt slaves. Their future financial stability was stolen from them by the government, colleges, financial and banking elites. Many won't own a home or have a retirement all because they did what they were told they needed to do, get a piece of paper, degree because we Americans were to stupid and not smart enough to compete with the world. We were unskilled. Bull ****. We have always been fully capable and we also will work in agriculture too but we need to be able to make enough to feed our family, go to the doctor. They are chasing cheap labor all over the globe and the wealthy elites gave away our jobs to reduce world poverty. Fine but why do they still maintain their standard of living and get to feel like great global humanitarians not to mention the fact that our government elite politicians are suppose to be elected to represent us not their donor elites.

  • The Devil is in the Details

    TL;DR Statistically speaking, no the economy has been generally stagnant for years.

    I don't think saving $1,000 dollars is the key to knowing if the economy is recovering or not. Even before the economy collapsed in 2008 people were very bad with saving money. That is just tied to how knowledgeable people are about finances. Americans tend to be very bad with finances and planning for the future and that is reflected in that statistic. To keep this short, a better indicator is looking at the things such as GDP or the labor participation rate. A good recovery or up swing should see a GDP be close to 4% during some time span in that growth. If you look into those numbers you will see that we have not hit those marks ( source for GDP: ). GDP has been quite flat since the recession occurred. The labor participation rate has also been on the decline for the last 8 years ( source: ). It has not been flat lined which would be expected even if baby boomers beginning to retire. It hasn't flat lined or trended upward because young people are having an increasingly hard time finding work and those who have been out of the work force (unemployed) but wanted a job tend to lose value if they are out for 6 or more months.

  • I don't think the economy is recovering I think it's just stable.

    The economy is not that bad when you think about it. Although many can agree that it is not in its best state, it is stable and Americans are now used to it, so they know the ins and out of what to do and when to do it, how to spend and when not to spend.

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