50% of Americans Couldn't Come Up with $2,000
By Caitlin Dickson
Nearly half of Americans are living in a state of "financial fragility," a new paper by the National Bureau of Economic Research reveals.
Harvard Business School asked survey participants whether they would be able to come up with $2,000 for an "unexpected expense in the next month." 22.2 percent predicted they would be "probably unable" and 27.9 percent said they'd certainly be unable to foot the unplanned bill. But, it was the participants' method of coping that really determined their fragility. 25.7% of respondents who were asked about coping methods (equal to 18.6% of all respondents) would come up with the funds for an emergency by resorting to what might be seen as "extreme measures."
http://www.theatlanticwire.com/business/2011/05/50-americans-couldnt-come-up-2000/38058/
If you are wondering what "extreme measures" are, consider that it must be more extreme than "those who would pawn their possessions, sell their home, or take out a payday loan" because that was a seperate question. Starting to sound scarry huh?
So what exactly do "extreme measures" entail? Selling a kidney? Identity theft? Scam artistry? Shoplifting? Rob a bank? Mug someone? Home robbery? Blackmail? Extortion? Kidnapping?
When Argentina's robust economy collapsed in 2001, people turned to making money though various crimes, including, increasingly, kidnapping, mugging & home break ins.
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