Prosperity for Some

July 23, 2019

 

You’ve probably heard, either through tweets from a certain President or in the press, that the U.S. economy is humming along at a healthy pace.  Stock indices are breaching record highs, unemployment statistics are near record lows and the economy is growing at nearly a 3% annualized pace. 

So American workers should be happy with their newfound prosperity, right?

The problem is not the economy, per se, but the unequal distribution of its recent largesse.  A recent Gallup poll found that a remarkable 40% of Americans say that amid one of the greatest—and now one of the longest—economic booms in U.S. history, they are either running into debt or barely making ends meet.  Only 25% of employed households report that they are saving enough for retirement; 18% admit that they have saved nothing at all.

Gallup’s survey is conducted each April, and the news this year is not all bad.  The percentage of Americans rating the economy “only fair” or “poor” has dropped significantly since the 2016 version of the survey.  Digging deeper into the data, the Gallup researchers found that 49% of respondents have at least one immediate worry—such as, for example, paying their rent or mortgage, or being able to make minimum payments on their credit cards.  Another 14% have no immediate financial concerns, but worry about whether they will be able to pay for normal healthcare or afford the medical costs due to a major illness or accident.

How would this play out in the next electoral cycle?  The researchers note that most of the financially anxious people report voting primarily Democratic, while those who have few worries are largely Republican voters.  But people who are worried about healthcare costs are split evenly down the middle, which means healthcare issues will be front and center in next year’s elections.

Sincerely,

Edward J. Kohlhepp, Jr., CFP®, MBA

President 

 

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Founder & CEO

 

 

Source:

 

https://news.gallup.com/opinion/polling-matters/260570/despite-economic-success-financial-anxiety-remains.aspx

This material was prepared by BobVeres.com., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

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Kohlhepp Investment Advisors, Ltd.
3655 Route 202, Suite 100
Doylestown, PA 18902
Phone: 215-340-5777
Fax: 215-340-5788
Email: Info@KohlheppAdvisors.com

Securities offered through Cambridge Investment Research, Inc. a Registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Kohlhepp Investment Advisors, Ltd., a Registered Investment Advisor. Kohlhepp Investment Advisors, Ltd. and Cambridge Investment Research Advisors, Inc. are not affiliated.

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