Headlines that say "Fed survey shows 40 percent of adults still can’t cover a $400 emergency expense" are technically incorrect. A majority can cover the expense with either cash or credit.

But I think that misses the point.

Only 41.8% have enough cash on hand. That is, a majority of Americans are living paycheck-to-paycheck. They're not saving money or building wealth - they're surviving.

Maybe this is the norm in other countries. Maybe it's the historical norm. But it doesn't bode well for wage earners.