Years of government impositions which punish savers and entrepreneurs have taken their toll on Americans. Social Security, Medicare, and other programs disincentivize people from saving and investing. Near-zero interest rates incentivize debt. Government licensing laws prevent the poor from entering rewarding careers. Minimum-wage laws prevent employers from offering entry-level positions to people needing jobs and skills.
The results are quite predictable. Today, 57% of Americans don’t have enough cash to cover a mere $500 unexpected expense. See here.