> 40% of Americans would struggle to come up with $400 for an emergency expense [0], let alone save $400 for a laptop.
It actually doesn't say that, it says they don't have $400 in cash equivalents but may be able to produce it by selling "assets". So a person who keeps all their savings in CDs or investments also counts, although only for expenses you can't put on credit cards.
The working poor simply don't have the safety net of good credit or wealthy families that the vast majority of HN commenters do. If you're living paycheck to paycheck and get a $400 surprise expense, you don't have $400 just sitting in some money market account, or two shares of SPY they can just sell, because the poverty wages being paid to millions of working people leave zero margin to build any sort of financial security, leading to a kind of precariousness that is unimaginable to the educated professional with a comfortable upbringing. "Assets" means things like a wedding ring, some power tools, a computer, or maybe even a 1995 Dodge Neon; if you go to a pawn shop, you can see the sorts of things people pawn (or sell) when they desperately need $400 for an emergency expense.
They often take payday loans, mortgaging their next minimum-wage paycheck; since the next paycheck minus payment no longer covers their regular living expenses, they take another predatory loan or pawn another heirloom. 80% of people who take a payday loan have to renew it because they can't repay it. I have a deep personal dislike for Dave Ramsey, but he does a good job of explaining how even minor emergency expenses can lead to a cycle of debt and further despair. (https://www.daveramsey.com/blog/get-out-payday-loan-trap)
There is so much more instability and precarity in this country than most PMC people can imagine.
Only 19% of the people who could not be able to pay cash or its equivalent said they would be able to sell something. 29% said they would be unable to pay.
Do you think people living paycheck-to-paycheck, constantly having to decide which bill to pay and which to allow to collect a late fee, have investments or CDs?
It actually doesn't say that, it says they don't have $400 in cash equivalents but may be able to produce it by selling "assets". So a person who keeps all their savings in CDs or investments also counts, although only for expenses you can't put on credit cards.