Americans will likely deplete the rest of the excess savings they accumulated during the pandemic this quarter, according to a new study from the Federal Reserve Bank of San Francisco.
After rapidly accumulating “unprecedented” levels of excess savings during the pandemic, the San Francisco Fed estimates American households held less than $190 billion in aggregate excess savings as of June.
Yup the average person just spent the last of the whole $1200 that they have been living off for 3 years with no job. Thats totally in touch
I’m not sure you can call the average American job-less when the unemployment rate is only 3.5%
Because no one wants to work right? They are all living off the massive $1200. I forgot about the sarcasm blind so just in case s/
Funny thing about numbers, you can get them to say whatever you want. 70% of statistics are made up. Part-time temporary work is not a job you can survive off.
Lies, damned lies, and statistics.
Paycheck to paycheck, then crazy inflation.
Savings? Why do these politicians and fucking media company spewing that BS like we still have those 1200 dollar checks we got 3 freaking years ago?
Like they think it still the 1950’s.
Excess savings peaked at $2.1 trillion in August 2021, far exceeding the projected trend line from before the pandemic.
Explain it how you want, but when you have a figure that’s gone from $2.1 trillion to $190 billion among the same 330 million people, something interesting has happened. The standard explanation isn’t that the stimulus checks were a significant factor, but rather that you had two years of people not traveling, not attending events, not really going out to eat, and generally having significantly fewer opportunities to spend. Now that that’s ended, we’ve seen a year of people trying to make up for that lost time, going on trips, and generally splurging a bit.
Anecdotally, I saved a ton on money in 2020 on a pretty mediocre salary because literally my only expenses were rent and groceries.
Yeah this is exactly right, nothing to do with the stimulus checks. All to do with expense reduction converted to savings.
The 190 billion all belongs to 5 people.
This is not far from the truth. The data shows excess savings. But it is not the middle class, at least the part making $100,000 a year or less, holding it and definitely not the poor.
The legendary ever lasting 3k strikes back to star in another fake news headline!
What is this “excess savings” they’re referring to?
Yea it’s time to get back into voting and unions and protesting. Everyone on board and shut down the dirtbag CultCorp shills.
Y’all have saving?
“Finally! We were worried something might not go in our favor for once and we were going to have to blow up the economy to punish you rubes.” - finance industry
when i hear shit like “$190 billion” i literally don’t know what that means
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