Reproduced from AARP via Deutsche Bank Research; Chart: Axios Visuals

The shock of the U.S. economy coming to a halt as more cities and states shut down businesses will be severe if lawmakers don't act quickly.

What's happening: AARP's latest study tracking U.S. household savings is based on a "yes" or "no" response to the following question: "Does your household have an emergency savings account?"

Why it matters: A majority of respondents answered "no," and even respondents who answered "yes" may not have a significant amount saved.

  • In fact, researchers note, "A broad interpretation of the question could count any plan for coping with an emergency, including borrowing from family and friends, as having an emergency savings account."
  • "Under this interpretation, even a household without savings in cash or a bank account may still answer 'yes' to the survey question."

Of note: A quarter of Americans who earn more than $150,000 a year don't have a savings account.

Further, "Fed data shows that 40% of U.S. households would not be able to come up with $400 for an emergency expense," Deutsche Bank Securities chief economist Torsten Sløk notes.

Go deeper: The coronavirus economy will devastate those who can least afford it

Go deeper

Judge orders Eric Trump to testify in New York probe before election

Photo: Ira L. Black/Corbis via Getty Images

A judge on Wednesday ordered Eric Trump to comply with a subpoena to testify in a New York probe into his family business before the presidential election.

The state of play: New York Attorney General Letitia James (D) last month said her office had filed a lawsuit to compel the Trump Organization to comply with subpoenas related to an investigation into whether President Trump and his company improperly inflated the value of its assets on financial statements.

1 hour ago - Podcasts

Reid Hoffman and Mark Pincus on the rise of Silicon Valley SPACs

Silicon Valley venture capitalists are no longer content with investing in startups and then eventually handing them off. Instead, many are now forming SPACs, or blank-check acquisition companies, to ride tech unicorns into the public markets themselves.

Axios Re:Cap digs into this trend with the co-founders of a new tech SPAC called Reinvent Technology Partners: Reid Hoffman, a co-founder of LinkedIn and partner at Greylock, and Mark Pincus, the founder and former CEO of Zynga.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 31,717,955 — Total deaths: 973,014 Total recoveries: 21,795,005Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 6,913,046 — Total deaths: 201,319 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Fauci clashes with Rand Paul at COVID hearing: "You're not listening" — FDA chief vows agency will not accept political pressure on coronavirus vaccine.
  5. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  6. Sports: Less travel is causing the NBA to see better basketball.

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