I’m not sure if you realize this, but “millions and millions” is still “single digit millions”. The talking heads say things like “millions and millions” because it sounds like a lot, but that’s actually a minority.
That still leaves hundreds of millions of Americans who are living paycheck to paycheck. In fact, they’re living at least 4 paychecks out on revolving debt.
Nearly half of Americans “at least somewhat agree” that they’re living paycheck to paycheck (source) - which means MORE than half are not. Clearly not “single digit millions” and clearly not a minority.
Anyway, what I said was that you don’t have to be anywhere near a billionaire. So please don’t conjure numbers out of thin air to counter this simple fact.
The source in that article is a an analysis of Bank of America’s internal data. It is not “half of all Americans”, it is “half of Bank of America customers”. Which already qualifies the dataset as people who have a bank account (and at that, one as expensive and hostile to low-income customers as BoA)
If it were more than single digit millions, it would be “tens of millions”. And even once you get to “over a hundred million”, you’re still talking of less than a third of Americans.
“Millions and millions of Americans” is something that spin doctors say to make you think that it’s a majority of Americans. It’s very far from it. “Millions and millions of people” may even be less than a majority of Minnesotians
Edit to add: This federal reserve study showed that 6% of American adults are completely unbanked (as in, no bank accounts at all) and 16% are underbanked (having a checking or saving account, but no other banking products or use alternative products like payday advance or money orders).
Further in the study it shows over half of Americans have carried a balance on a credit card in the past 12 months.
I’m not sure if you realize this, but “millions and millions” is still “single digit millions”. The talking heads say things like “millions and millions” because it sounds like a lot, but that’s actually a minority.
That still leaves hundreds of millions of Americans who are living paycheck to paycheck. In fact, they’re living at least 4 paychecks out on revolving debt.
Nearly half of Americans “at least somewhat agree” that they’re living paycheck to paycheck (source) - which means MORE than half are not. Clearly not “single digit millions” and clearly not a minority.
Anyway, what I said was that you don’t have to be anywhere near a billionaire. So please don’t conjure numbers out of thin air to counter this simple fact.
Please be a more conscientious consumer of media.
The source in that article is a an analysis of Bank of America’s internal data. It is not “half of all Americans”, it is “half of Bank of America customers”. Which already qualifies the dataset as people who have a bank account (and at that, one as expensive and hostile to low-income customers as BoA)
If it were more than single digit millions, it would be “tens of millions”. And even once you get to “over a hundred million”, you’re still talking of less than a third of Americans.
“Millions and millions of Americans” is something that spin doctors say to make you think that it’s a majority of Americans. It’s very far from it. “Millions and millions of people” may even be less than a majority of Minnesotians
Edit to add: This federal reserve study showed that 6% of American adults are completely unbanked (as in, no bank accounts at all) and 16% are underbanked (having a checking or saving account, but no other banking products or use alternative products like payday advance or money orders).
Further in the study it shows over half of Americans have carried a balance on a credit card in the past 12 months.