If you listened to Obama, you may think the economy is doing fine. He told Jon Stewart last July that the economy, by every metric, is better than when he took office. And while rates of high unemployment has finally subsided, the “by every metric” part of the claim got Obama’s statement a “mostly false” rating over at Politifact.
Lets examine just one of those metrics where Obama fails: rates of personal savings. I like to think of savings as a reflection of peoples ability to create their own safety net without government, and by that metric, we’re doing pretty poorly.
As MarketWatch reports:
Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com.
A visual breakdown can be seen below:
Do you think this is what Obama wants? If people can’t save for themselves, they have every reason to rely on government as their safety net. Let us know your experiences in Obama’s economy and share this post on Facebook and Twitter.