The US household balance sheet is the binding political-buffer floor: ~60% of Americans cannot cover a $1,000 emergency, revolving APR >21%, subprime auto 60-day delinquency at a multi-decade record (~6.9% Jan 2026 vs ~0.4% prime), bottom-50% holds ~2.5% of wealth — leaving weeks, not months, of shock-absorption and little political space for fiscal adjustment.

as of June 8, 2026