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IPFS News Link • United States

70% of Russians Have Savings, While 70% of Americans Live Paycheck to Paycheck

•, Jon Hellevig

In addition to many other strengths of the Russian economy over the US economy, a study has now shown that Russians have surprisingly much savings, at least in comparison.

70% of Russians have savings, that will see them through 1- 2 months without other income. In the US, on the contrary, 70% have virtually no savings.

In America, the bottom 55% have zero savings, while the following 24% – the core of the former middle class – have only $1,000 stashed away. A 2016 report, two-thirds of Americans are not able to afford even a $500 emergency cost of any sort. A staggering 78% of full-time workers are reported to be living from paycheck to paycheck. – However, the US has a very developed corporate welfare system, with most large corporations receiving regular IV injections of bailout money.