Every individual must deal with some unique and personal circumstances and struggles in their lifetime.
But certain things in life are a universal truth that can often apply to many people all at once.
And now a bombshell new study revealed one damning truth about Americans suffering under the disastrous Biden economy.
Most Americans lack economic security
The sky-high cost of living and everyday necessities is taking a serious toll on Americans.
According to a new report from the Urban Institute, more than half of American households don’t have the resources to pay their monthly bills.
The report also revealed that more than half of those households don’t have enough money left over each month for savings.
This information is based on a gauge of the cost of living in the United States that has created a new measure called the True Cost of Economic Security Line (TCES).
TCES considers a comprehensive list of costs that today’s American families must pay for compared to the resources available to them.
The study found that 52% of people living in the US are economically insecure and unable to thrive.
Three-in-five children live in families with resources that fall below the TCES line.
It also found that 49% of adults aged 18 to 64 and 46% of adults aged 65 and older are below that same bracket.
Most people living in single-parent households fall below the TCES line, and half of all people living with two adults under the age of 65 and two children don’t have the resources they need to cover their costs.
The study was commissioned by the National True Cost of Living Coalition, which was formed by anti-poverty agencies this year.
The agencies are concerned about America’s inability to accurately measure what it costs individuals and families to live today and say the TCES is more accurate than the metrics used by the government.
“Despite an improving economy, far too many Americans continue to struggle to plan beyond their next paycheck. It is a disconnect brought into stark relief by this month’s election, with voters voicing widespread dissatisfaction about their financial situation even as traditional economic indicators suggested progress,” said the coalition.
Old economic measures aren’t accurate
According to the group, traditional measurements of economic need like the federal government’s Official Poverty Measure (OPM) only focus on subsistence and deprivation.
However, the OPM does not distinguish between the costs for families to pay for basic needs and what it costs for them to save for the future.
That money can be used to buy a home, cover tuition costs, start a family, or pay for emergency expenses.
David Jones, CEO of the Community Service Society of New York and co-chair of the National True Cost of Living Coalition, said, “This is not a new problem.”
He emphasized that low-income and more middle-class Americans “have been struggling financially for decades, but we have not had the right measures to account for it, leaving segments of our population and their struggles largely unseen.”
Now, he said the coalition can “measure the scale of these challenges accurately.”
Developers of the TCES say it gathers a clearer picture of a family’s finances by looking at both the costs and the resources they have available.
Based on the study’s results, more Americans are having financial difficulties than they have in decades.
