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USA is no longer the “dream country” and a model of success of capitalism over socialism, as it once claimed to be.

Nearly 6 in 10 Americans do not have even $500 as savings to cover an unplanned expense, according to a new report from Bankrate, while Oxfam reported on Monday that just eight men, from Bill Gates to Michael Bloomberg, own as much wealth as 3.6 billion people in the world.

According to Bankrate, only 41% of adults reported having enough in their savings account to cover a surprise bill of this magnitude. A little more than 20% said they would put it on a credit card, the report said, while 20% would cut their spending and 11% would turn to friends and family for financial assistance.

“This is a persistent American problem of how you should handle your finances and spending,” Jill Cornfield, retirement analyst for Bankrate, told CNN.

Nearly half of children in the United States live dangerously close to the poverty line, according to new research from the National Center for Children in Poverty (NCCP) at Columbia University’s Mailman School of Public Health.

Basic Facts about Low-Income Children, the center’s annual series of profiles on child poverty in America, illustrates the severity of economic instability and poverty conditions faced by more than 31 million children throughout the United States.

Using the latest data from the American Community Survey, NCCP researchers found that while the total number of children in the U.S. has remained about the same since 2008, more children today are likely to live in families barely able to afford their most basic needs.

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According to World Hunger Education Service, there were 43.1 million people in poverty in USA in 2015.The official poverty rate in 2015 was 13.5 percent, down 1.2 percentage points from 14.8 per cent in 2014. However, the 2015 poverty rate was 1.0 percentage point higher than in 2007, the year before the most recent recession .

Blacks in America were most poor – 24.1 per cent – in 2015, followed by Hispanics –  21.4 per cent and Asians – 11.4 per cent. For non-Hispanic whites the poverty rate was 9.1 per cent.

The poverty rate for children under 18 was 19.7 per cent in 2015 and the number of children in poverty was 14.5 million.

World Hunger Education Service found that 19.4 million Americans live in extreme poverty. Their family’s cash income is less than or about $10,000 a year for a family of four.

Last year, only 37% of Americans reported having enough savings to cover an expense of $500 or more. About 47% of those aged 18-29 said they could dip into savings to cover an unplanned expense.

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