If you are presuming that those families will have enough money to meet an emergency I'm pretty sure he's right.
Unfortunately, something like 40% of the USA's population doesn't have any money for an emergency of any kind. In fact, a rather substantial section of the population isn't even managing to live with a low or decreasing debt burden.
Unfortunately, something like 40% of the USA's population doesn't have any money for an emergency of any kind. In fact, a rather substantial section of the population isn't even managing to live with a low or decreasing debt burden.