Steve Rattner

…morning Joe economic analyst Steve Rat ner back with charts this morning Looking at how Americans are trying to navigate all of this Steve. Good morning So let's just start by setting the stage as you say American savings really under pressure right now Yeah, will he look savings is obviously of critical importance to Americans is how you pay for future obligations education houses? Whatever and so let's look at what's been happening to the savings rates of Americans as they face this affordability problem the pressure of Inflation on their ability to maintain their living standards and so forth So this is personal savings rate how much of people's after-tax income they put away for these other kinds of expenses that may come along Back in the 1970s that average twelve point two percent of after-tax income in the 90s 7.2 percent in the 2004 point two percent and now after a steady decline we are at two point six percent So Americans are a pretty rock bottom of the amount. They're willing to save another another way to measure how stretched consumers bank accounts and what we call their balance sheet their their savings and their and their capabilities are is to look at emergency savings whether people are in better or worse off to meet an emergency need for cash and so over over the past year 21% have said they have more emergency savings just 21% but 29% have said they…From: this video · 1 claim mined from it