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Nearly Half of Americans Are ‘Financially Fragile’

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This is why there should be an assets test in addition to an income test on the Affidavit of Support.

Nearly half of Americans say that they definitely or probably couldn’t come up with $2,000 in 30 days, according to new research, raising concerns about the financial fragility of many households.

In a paper published by the National Bureau of Economic Research, Annamaria Lusardi of the George Washington School of Business, Daniel J. Schneider of Princeton University and Peter Tufano of Harvard Business School used data from the 2009 TNS Global Economic Crisis survey to document widespread financial weakness in the U.S. and other countries.

The survey asked a simple question, “If you were to face a $2,000 unexpected expense in the next month, how would you get the funds you need?” In the U.S., 24.9% of respondents reported being certainly able, 25.1% probably able, 22.2% probably unable and 27.9% certainly unable. The $2,000 figure “reflects the order of magnitude of the cost of an unanticipated major car repair, a large copayment on a medical expense, legal expenses, or a home repair,” the authors write. On a more concrete basis, the authors cite $2,000 as the cost of an auto transmission replacement and research that reported low-income families claim to need about $1500 in savings for emergencies.

http://blogs.wsj.com/economics/2011/05/23/nearly-half-of-americans-are-financially-fragile/?mod=e2fb

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This reminds me of a comment rjo posted awhile back where she stated many are just a boardroom decision away from bankruptcy (ie: layoff). I believe there was some backlash on her opinion.

bankruptcy=layoff because people are financially fragile?

makes sense.

yet another reason to require an assets test in addition to an income test on the AOS.

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Filed: Other Country: Afghanistan
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This reminds me of a comment rjo posted awhile back where she stated many are just a boardroom decision away from bankruptcy (ie: layoff). I believe there was some backlash on her opinion.

http://www.visajourney.com/forums/topic/198610-is-usa-still-the-promised-land/page__st__105__p__3003332#entry3003332

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If "nearly half" of americans are "financially fragile" (as defined by the article) then yeah I'd say this is likely true.

Most people are ten minutes and a boardroom decision away from personal financial disaster in the US.

So what would you propose?

Something along the lines of what banks used to require pre-boom before issuing a mortgage. Evidence of sufficient assets to pay all regular (not extraordinary) living expenses for 6-months (asset test) + an income test requirement of 3x the poverty limit.

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Filed: K-1 Visa Country: Russia
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If "nearly half" of americans are "financially fragile" (as defined by the article) then yeah I'd say this is likely true.

Something along the lines of what banks used to require pre-boom before issuing a mortgage. Evidence of sufficient assets to pay all regular (not extraordinary) living expenses for 6-months (asset test) + an income test requirement of 3x the poverty limit.

6 months? Do you think you will be unable to get a job for 6 months?

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6 months? Do you think you will be unable to get a job for 6 months?

6 months was not unusual during 2008-2009. And remember, I don't mean any job - I mean a job that will allow you to resume your old standard of life. Now if you choose to downgrade your life (most won't do that in just 6 months.. inertia is powerful) that's a different matter altogether.

Edited by \

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Solving a problem not being experienced to an appreciable degree AJ? The standards are fine as is unless you can present more than a bias to prove USCIS income requirements need fixing.


B and J K-1 story

  • April 2004 met online
  • July 16, 2006 Met in person on her birthday in United Arab Emirates
  • August 4, 2006 sent certified mail I-129F packet Neb SC
  • August 9, 2006 NOA1
  • August 21, 2006 received NOA1 in mail
  • October 4, 5, 7, 13 & 17 2006 Touches! 50 day address change... Yes Judith is beautiful, quit staring at her passport photo and approve us!!! Shaming works! LOL
  • October 13, 2006 NOA2! November 2, 2006 NOA2? Huh? NVC already processed and sent us on to Abu Dhabi Consulate!
  • February 12, 2007 Abu Dhabi Interview SUCCESS!!! February 14 Visa in hand!
  • March 6, 2007 she is here!
  • MARCH 14, 2007 WE ARE MARRIED!!!
  • May 5, 2007 Sent AOS/EAD packet
  • May 11, 2007 NOA1 AOS/EAD
  • June 7, 2007 Biometrics appointment
  • June 8, 2007 first post biometrics touch, June 11, next touch...
  • August 1, 2007 AOS Interview! APPROVED!! EAD APPROVED TOO...
  • August 6, 2007 EAD card and Welcome Letter received!
  • August 13, 2007 GREEN CARD received!!! 375 days since mailing the I-129F!

    Remove Conditions:

  • May 1, 2009 first day to file
  • May 9, 2009 mailed I-751 to USCIS CS

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Solving a problem not being experienced to an appreciable degree AJ? The standards are fine as is unless you can present more than a bias to prove USCIS income requirements need fixing.

When we learn that "nearly half" of Americans are "financially fragile" as determined by what is essentially an assets test, it makes sense to incorporate an assets test in the AOS.

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When we learn that "nearly half" of Americans are "financially fragile" as determined by what is essentially an assets test, it makes sense to incorporate an assets test in the AOS.

The whole financial element of the AOS process is bogus anyway.

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How so?

I'm sure you've heard it before. National poverty guidelines are not very accurate from a regional perspective.

Also, my personal opinion is that wages should not limit couples especially for students etc. It would make more sense to just disallow the use of public funds for the immigrant until they get citizenship or they have paid in enough.

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Filed: Citizen (apr) Country: Brazil
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What about emotional fragility? That should also be means tested.

do you need a hug? :hehe:


* ~ * Charles * ~ *
 

I carry a gun because a cop is too heavy.

 

USE THE REPORT BUTTON INSTEAD OF MESSAGING A MODERATOR!

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