There are definitely pros and cons to having one but I wish we had one.

Only, I wish it wasn't national. Too much bickering and the overhead for the bureaucracy in a larger country just doesn't bear mentioning.

But, I can envision one run by individual states should they so desire, or even large enough cities. Or, even private, not for profit run entities.

But yeah, it's always good to have an emergency fund. Sad that there has to be the 'other' emergency fund.