Half of middle-income families impacted by coronavirus worry about having enough money by 2020 end
As the SP500 hits record highs trading around 3,500 points on Tuesday, 51 percent of middle-income Americans, who have been financially impacted by coronavirus, are worried about having enough money to pay for necessities by the end of the year, according to a Primerica study.
The same study mentioned that 86 percent of middle-income Americans have been impacted financially from the pandemic. A middle-income family makes between $30,000 and $100,000 annually.
The study didn't look at finances for households with incomes below $30,000, which make up at least 19 percent of all American households. As such, the state of American working-class families is even worse than the study makes it seem.
It is a reminder to not look at the stock market to figure out how the economy is doing. Right now, the market is artificially pumped up by policy. Stock prices are inflated by low interest rates and the Federal Reserve buying corporate debt and printing money to stimulate the economy.
Don't be fooled by the stock market, the United States economy is heading toward disaster.
Ryan is a student at the University of North Carolina at Chapel Hill majoring in Business Journalism. He has written in the past for SB Nation's Silver and Black Pride, USA Today Sports Media Group, North Carolina Business News Wire, the Daily Tar Heel, and has worked with Ice Cube's BIG3 basketball league.