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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

Google offices to mandate vaccines

Photo: Brooks Kraft LLC/Corbis via Getty Images

Google announced Wednesday it would require all in-office workers and visitors to be vaccinated and that employees could continue working from home through Oct. 18.

Why it matters: It's another sign that the Delta variant's spread is upending corporate plans for a quick and steady resumption of in-office work.

50 mins ago - World

Israeli and Palestinian officials are speaking again

Isaac Herzog (L), then the leader of the opposition, meets with Mahmoud Abbas in 2015. Photo: Abbas MomaniI/AFP via Getty

Relations between the new Israeli government and the Palestinian Authority have shifted substantially in recent weeks, with Israeli officials going so far as to call it “a renaissance."

Why it matters: During Benjamin Netanyahu's 12-year tenure as prime minister, relations deteriorated to the point where there was almost no contact other than security coordination.

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

Sens. Mitt Romney (R-Utah) and Mark Warner (D-Va.) Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images.

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.