Majority of Americans unprepared if economy collapses

Apocalypse

In the 2013 Brad Pitt movie, World War Z, unlike all the world’s other governments caught in the normalcy bias, the government of Israel had a Tenth Man policy which enabled Israel to take seriously an early warning about the impending zombie apocalypse and so secured its borders.

According to the tenth man policy, when nine people agree on something, it’s the tenth man’s responsibility to disagree no matter how improbable the idea.

The normalcy bias refers to human beings’ predisposition to underestimate both the possibility of a disaster occurring and its possible effects. Our erroneous assumption is that since a disaster hasn’t occurred, then it never will occur. We then downplay the likelihood of a disaster while, at the same time, interpret warnings in the most optimistic way possible or ignore those warnings entirely.

Our normalcy bias results in our failure as individuals and government to adequately prepare for a disaster, as well as our inability to cope when disaster does strike.

Michael Snyder of The Economic Collapse warns that America is “steamrolling toward the edge of an economic cliff” because “the long-term trends that are destroying our economy have continued to get worse since 2008, and none of the problems that caused the last financial crisis have been fixed.” Most Americans “in our entertainment-addicted society are totally oblivious to what is going on. So they are not doing anything to get ready for the immense economic pain that is coming.”

Are you prepared for the coming economic collapse? Here are 5 questions to ask yourself:

1. Can you come up with $2,000 right now? According to a shocking study by Atif Mian of Princeton University and Amir Sufi of the University of Chicago Booth School of Business, 40% of Americans said they could not come up with $2,000 if an unexpected need arose.

2. Do you have 3 months of income saved in an emergency fund? In that same study, an astounding 60% of Americans said they do not have 3 months emergency funds to cover expenses in case of sickness, job loss, or an economic downturn.

3. Are you living paycheck to paycheck? Another study found that 76% of Americans are living paycheck to paycheck. Less than one out of every four Americans (25%) has enough money stored away to cover six months of expenses.

4. How dependent are you on government benefits? More Americans are dependent on the government than ever before. According to the U.S. Census Bureau, 49% of U.S. households receive and depend on direct monetary benefits from the federal government.

5. How prepared are you for an emergency lasting just a few days? According to a survey conducted by the Adelphi Center for Health Innovation:

  • 44% don’t have first-aid kits
  • 48% lack emergency supplies
  • 53% do not have a minimum three-day supply of nonperishable food and water at home
  • 55% believe local authorities will come to their rescue if disaster strikes
  • 52% have not designated a family meeting place if they are separated during an emergency
  • 42% do not know the phone numbers of all of their immediate family members
  • 21% don’t know if their workplace has an emergency preparedness plan
  • 37% do not have a list of the drugs they are taking
  • 52% do not have copies of health insurance documents

What do you think is going to happen to these people once the economy collapses and there is chaos in the streets?

One reason why so many Americans are unprepared for an economic disaster is because we are being taxed into oblivion. Americans — the 56.7% of us who actually pay income taxes — now spend more on taxes than we spend on food, clothing and housing combined.

~Eowyn

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wildriver
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wildriver

This is due by and large to poor personal choices, and living beyond ones means. I will rant that there are a few caught in a catch 22, but they are a minority. The majority fails to believe that the government is imploding, they trust upon the staff of a bruised reed, it will rend and bite them.

 
Anonymous
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Anonymous

Pretty much so… not an inconvenience, but end of life as we know it if stuff gets disrupted for many.

 
evh
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evh

It is good to have these things, but if the dollar collapses and is worth nothing more than wall paper. it won’t matter whether you have $2000.00 or an emergency fund. There was a book out years ago, entitled How to Prepare for the Coming Crash. It listed some very good ideas. My mother always had a little cash stashed away somewhere in case of a banking holiday. There is no guarantee that everything that happened in the Great Depression can’t happen again. It would be good to have something to trade or use in case the dollar is no… Read more »

Oilag
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Oilag

This is all I think about and prepare for. However, my grown kids with kids of their own make no effort. Starving to death is not and option. Plan for no electric also or fuel. Much to think about and plan. People think Im a loon.

 
Leeann Springer
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Leeann Springer

The best thing we can do as individuals is to be self-sufficient. We become so, by living within our means. There is a method to managing money and if we don’t, then money will manage us. I’ve seen some of my friends go “belly up” because they wanted to live high on the hog, so to speak. I have heard people say “well, if the government shuts down I will go live with my parents or even friends who are preppers”. I have been a prepper most of my life, as a way of life. I’m not a cheapskate and… Read more »

WK
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WK

The question is not IF, the question is WHEN will the economy and America collapse. As long as this current administration and the go-along congress remains at the controls, America is destined to fall off the cliff, as planned. Be prepared with $$$ (or other valuable trading items), food supplies and water, backup cooking means, necessary medicines, guns and ammo for a collapse of a minimum of 6 months duration. When the cities are devastated and destroyed, the vunnables and takers will spread to the rural areas looking for food and survival items. It won’t be pretty. I hope I’m… Read more »

joandarc
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joandarc

Thank you Dr. Eowyn for this excellent post and for reminding all of us that we must be prepared for the worst. Our economy has never been worse, nor have we ever been ruled by a king as we are now.