by Michael Snyder

I don't have to tell you that your money doesn't go as far as it once did.  You see it every time that you go shopping.  Our leaders flooded the system with money and pursued highly inflationary policies for years, and now we are all paying the price. 

The cost of living has been rising much faster than our incomes have, and this is systematically destroying the middle class.  Survey after survey has shown that a solid majority of the population is living paycheck to paycheck, and at this point most U.S. consumers are tapped out.  In fact, one brand new survey just discovered that 57 percent of Americans cannot even afford to pay a $1,000 emergency expense…

According to Bankrate's Annual Emergency Fund Report, 68% of people are worried they wouldn't be able to cover their living expenses for just one month if they lost their primary source of income. And when push comes to shove, the majority (57%) of U.S. adults are currently unable to afford a $1,000 emergency expense.

When broken down by generation, Gen Zers (85%) and Millennials (79%) are more likely to be worried about covering an emergency expense.

These numbers are quite ominous, because they clearly demonstrate that we are completely and utterly unprepared for any sort of a major economic downturn.

And thanks to the rapidly rising cost of living, we are losing even more ground with each passing month.