Study: Sixty-Three Percent of Americans Cannot Cover An Added $500 Cost To Their Monthly Expenses

We have previously followed the alarming marginal economic condition of most Americans. Another study offers another glimpse into the reality of the lives for most people struggling in this country. The study by Bankrate suggests that 63 percent of Americans say that they do not have enough money to cover a $500 car repair or $1000 hospital bill.

Real median household income has fallen to $54,000 a year. Higher health care costs, food, and other expenses have taken their toll on the middle class. The study showed that only one out of five consumers making less than $30,000 said they had enough emergency savings set aside to handle an unexpected bill.

These studies further illustrate how issues like private planes for ministers or claims of presidential candidates that they were “dead broke” can create such a backlash.

Source: CBS