We've accepted this as normal, everyday life in America. I wonder if we should.
Most Americans can’t afford even a minor emergency, according to a recent report from Bankrate, a website that provides financial advice. Of those surveyed, just 39 percent of respondents said they’d be able to cover an unexpected $1,000 bill with funds from their savings. Most of the other respondents said they would have no choice but to accrue debt ― by paying with a credit card, borrowing from family and friends, or getting a loan.
Medical bills are particularly foreboding. In 2016, medical expenses were the largest contributor to increasing the number of individuals living in poverty, according to a Census Bureau report. That year, 10.5 million people fell below the poverty line due to medical bills.
Most Americans can't afford to save money. Forget retirement—and forget the assholes on television puffing themselves up giving retirement advice to people who will never see that day—most people in this country are one bad day away from financial ruin.
Is this okay? Is it the best we can do? Rather than crafting new tax breaks for the billionaire class, is this something that should be ... looked into? Should we feel embarrassed, or are 10 million Americans a year falling into poverty over medical expenses the best we can hope for?