Many Americans vulnerable to personal ‘economic disaster’

NEWS AND OPINION:

Here’s a stark look at the financial status of many Americans at the moment.

“How much does your household have in emergency savings — that is, money that is readily available in either a checking, savings or money-market account?” asked an Issues & Answers/TIPP poll released Monday.

Respondents were given eight possible responses: “No emergency savings,” “one month’s expenses,” “two months’ expenses,” “three months’ expenses,” “four months’ expenses,” “five months’ expenses,” “six months’ expenses or more” and “not sure.”

The overriding response was grim, the pollster found.

“Sadly, the biggest category by far was “no emergency savings,” at 34%. Both ‘one month’s’ and ‘two months’ garnered 11% each,” wrote Terry Jones, editor of Issues & Insight, in an analysis.

“So 56% of all Americans — over half of the population — have either no savings or barely enough to last two months, should economic trouble occur. For most, that means they are one job loss or personal injury away from economic disaster,” Mr. Jones said.

“Only 16% of respondents said they had financial resources for three to five months. And just 16% responded they had enough stashed to last for six months or more. Another 11% said they ‘weren’t sure,’ perhaps the most worrisome response of all,” his analysis concluded.

The poll of 1,318 U.S. adults was conducted March 2-4 and released Monday.

BIDEN CATCHES MORE BLAME

Just so you know, prices in February increased 0.8%, according to the Bureau of Labor Statistics. The prices are higher than the 0.6% increase in January. Meanwhile, the price tag on goods and services rose to 7.9% from February 2021 to February 2022 — the highest inflation rate since January 1982. Gasoline, incidentally, is up by 38% in the last year — and used cars and trucks by 41%.

So who is to blame?

“President Joe Biden’s policies have increased inflation, according to a majority of voters, who expect the issue to be important in November midterm elections,” reports a new Rasmussen Reports survey, which found that 64% of likely U.S. voters believe the policies of Biden’s administration have increased inflation.

A mere 8% think Mr. Biden’s policies have reduced inflation while 25% say the Biden administration’s policies have not made much difference in inflation. The survey of 1,000 likely voters was conducted March 9-10 and released Monday.

BIG APPLE WOES

New York City appears to rival the city of Chicago these days, at least as far as gun violence is concerned.

“More than two dozen people were shot over the weekend — including a man blasted in the head inside a Brooklyn deli,” reported the New York Post on Monday, citing NYPD statistics that 29 people had been shot in 24 separate incidents during the preceding weekend.  

Some blame politics.

“Democrats pushed to defund the police and let criminals out of jail, now crime is skyrocketing in New York,” said Cally Perkins, press secretary for the Congressional Leadership Fund.

“Three months into the year, there’s already been 253 new shootings,” she noted in a statement.

“New York Democrats like Rep. Sean Patrick Maloney and former Rep. Max Rose undermined public safety, coddled criminals, and now we’re seeing the consequences. How many more lives need to be put at risk before Max and Sean Patrick will admit their reckless policies are wrong?” Ms. Perkins asked.

Here’s Mr. Maloney’s gun policy summary, according to his official U.S. House website:

“Rep. Maloney supports strong federal efforts to combat the gun violence epidemic, including: banning assault weapons, raising the purchasing age, improving the National Instant Background Check System (NICS), implementing universal background checks and closing the gun show loophole, as well as repealing the Dickey Amendment, which has prevented research on gun violence at the Centers for Disease Control and Prevention,” the summary said.

Mr. Rose, who lost his seat in 2020 to Rep. Nicole Malliotakis, a Republican, is now running for that office again.

According to his campaign website, Mr. Rose wants to take on the threat of “ghost guns,” supports the Bipartisan Background Checks Act and a ban on assault weapons, high capacity magazines and bump stocks. Mr. Rose also favors “Red Flag” laws and gun-buyback programs.

COZY CAFES, DELICIOUS DIVES

The National Trust for Historic Preservation is seeking the public’s help in identifying the nation’s best historic small restaurants.

Nominations are now open; the winning eateries will receive significant grants to boost both their restaurant space and online business in these lean times.

“We are asking for your help to find cozy cafes, delicious dives, and other beloved restaurants that have stood the test of time and continue to contribute to their neighborhood’s unique history. Our focus is on independent small restaurants that have been in business for more than 25 years, operate in historic buildings or neighborhoods, and have been disproportionately impacted by the pandemic,” the organization said.

Restaurant owners are also welcomed to “formally apply” for the grant.

“Together with American Express, we will award $1 million in grants to 25 historic and culturally significant restaurants throughout the United States to help them improve, upgrade, and preserve their exterior physical spaces and online businesses.”

Nominations are open until April 4; visit Savingplaces.org for the online form.

POLL DU JOUR

• 46% of U.S. adults say it is very important for the U.S. Supreme Court “to look like the racial, ethnic and gender composition of the country as a whole”: 19% of Republicans, 42% of independents and 80% of Democrats agree.

• 23% overall say it is somewhat important; 25% of Republicans, 27% of independents and 13% of Democrats agree.

• 10% say it is not too important; 16% of Republicans, 11% of independents and 3% of Democrats agree.

• 20% overall say it is not at all important; 39% of Republicans, 19% of independents and 3% of Democrats agree.

• 1% don’t know; 1% of Republicans, 1% of independents and 1% of Democrats agree.

SOURCE: A Monmouth University Poll of 809 U.S. adults conducted March 10-14.

• Follow Jennifer Harper on Twitter @HarperBulletin.