The CEO of Assurant, Alan Colberg, told Bloomberg television that many of you simply don’t have a lot of money in your checking accounts.
“The reality is half of Americans can’t afford to write a $500 check,” Colberg stated.
So is the claim true? Economist Peter Morici, who contributes at Fox News.com, told KTRH it might very well be.
“Most people live pretty tight. These have been a tough two decades,” Morici stated.
A recent Bankrate survey showed 57% of you don't have the cash to cover an unexpected $500 expense. And Morici says tax cuts could help, but big business is fighting it on some levels.
“Regulatory reform and taxes are going to be slow processes and they are not going to have a large effect because there are so many interest groups opposing radical change,” Morici explained.
And consider this. Even with the alleged economic recovery, the typical American household is still making 2.4% below what they brought home in 1999.