Just the Facts – The Inequality in Financial Security that Biden is walking into

 Contributed by Olga Vanucci.

  • The Dow Jones Industrial Average is at an all-time high, at over 30,000, but only 55% of Americans own stocks, and only 19% of households earning less than $35,000 a year own stocks.
  • The typical household earning less than $35,000 a year and holding stocks holds just $8,400.
  • One-third of homeowners have less than $500 set aside for an emergency, and that includes 50% of homeowners with an annual household income of less than $50,000.
  • Some 95% of workers in low-income households — making less than $36,000 per year — were either laid off in the first few months of the coronavirus (37%) or experienced a loss in income (58%).
  • In just the first three months of the pandemic, more than 100 million people skipped their monthly payments for mortgages, student loans, credit cards and other forms of debt. 
  • In November 2020, 10.7 million Americans were unemployed, meaning they’re not working and want to work. 
  • US households owe $1.55 trillion in stu­dent loan debt, $861 billion in credit card debt and $81 billion in unpaid medical bills. All told, Americans hold a staggering $4.13 trillion in non-hous­ing debt.

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