99% of Americans will be financially worse-off than they were pre-pandemic

[IroNat]

But not 1% Getbiggers. 

https://finance.yahoo.com/news/99-americans-financially-worse-off-005110689.html

The majority of Americans have burned through their excess savings piled up during the COVID-19 pandemic, and in the coming months, JPMorgan says it is likely that almost everyone will be worse off financially than they were in 2019.

[GymnJuice]

Shutting down the country and handing out "free money" did not help people.

[chaos]

But not 1% Getbiggers. 

https://finance.yahoo.com/news/99-americans-financially-worse-off-005110689.html

The majority of Americans have burned through their excess savings piled up during the COVID-19 pandemic, and in the coming months, JPMorgan says it is likely that almost everyone will be worse off financially than they were in 2019.

Not according to getlibbers. They have supposedly exceeded all expectations.

[deadz]

This is news Most of society lives paycheck to paycheck.

[Primemuscle]

This is news Most of society lives paycheck to paycheck.

As you suggest, this is nothing new. Many, if not most folk live paycheck to paycheck. Worse, they finance a lifestyle they cannot afford on their pay. Furthermore, unless they have an employer paid pension/annuity, they end up trying to survive on Social Security alone, which is nearly impossible for most people to do. This year, retired workers receiving benefits at age 67 take home on average $1,844.83 with a minimum benefit of $1,033.5 a month. Note: the amount of someone's SSA depends on how much they and their employer pay in to it. Those who are  mostly self-employed often underpay their Social Security.

[Moontrane]

I got this from March 2023 issue of Imprimis.  Kinda hard to top 2019 by almost all measures.

Just in 2019:

Average household income increased by $4,600 – a 6.4% increase. Largest % increase in nearly 60 years.  During Obama’s 8 years average household income increased $3,400.

Over 4 million people left poverty – lowest rates since it’s been recorded.  During Obama’s 8 years nearly 800,000 people went into poverty.

Unemployment hit record lows across the board, dropping more for blacks and Hispanics than for whites.

[SOMEPARTS]

As you suggest, this is nothing new. Many, if not most folk live paycheck to paycheck. Worse, they finance a lifestyle they cannot afford on their pay. Furthermore, unless they have an employer paid pension/annuity, they end up trying to survive on Social Security alone, which is nearly impossible for most people to do. This year, retired workers receiving benefits at age 67 take home on average $1,844.83 with a minimum benefit of $1,033.5 a month. Note: the amount of someone's SSA depends on how much they and their employer pay in to it. Those who are  mostly self-employed often underpay their Social Security.

Boomer with a Google strikes again.

The term "excess savings" means stimmy. That has long run out. Average person is running up debt like Uncle Sam.

[Primemuscle]

Boomer with a Google strikes again.

The term "excess savings" means stimmy. That has long run out. Average person is running up debt like Uncle Sam.

And the Boomer with Google strikes again. LOL!

The U.S. government sent out three rounds of stimulus checks relating to Covid — for up to $1,200, $600, and $1,400. Just now when reviewing my deposits, I only find two stimulus checks, one in 2020 for $732.45, one in 2021 for $132.44. Had I qualified for the 3rd check, which I did not because my AGI was too high, it would have figured into my income tax return in 2022. In total I received $864.89 in stimulus money. Just a pittance percentagewise which added almost nothing (.66%) to my accessible savings. So yes, that 'giant' stimulus money probably was gone, spent on a couple days at the beach.

Guess I am not the average person because my debt is almost zilch. Basically, it is only what I borrowed against my house when mortgage interest rates were at an all-time low of 2.25%. That money sits in a CD which today is earning over 5%. So, for me it is a win, win.