(Inequality.org) -- In the United States today, a just-released Federal Reserve report informs us, over a fifth of the nation’s families simply cannot afford to “pay all of their current month’s bills in full.”
Over a quarter of families, the report goes on, skip “necessary medical care” because they can’t afford the cost. And an even greater share — 40 percent — wouldn’t be able to cover an unexpected expense of $400 without having to borrow cash or sell something they own.
In other words, many millions of American households have essentially almost nothing in the way of savings. And not much in the way of income either. Two out of every five Americans, the new Federal Reserve study details, have annual household incomes less than $40,000.
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