Americans have now spent all $2.1 trillion of their pandemic savings, San Francisco Fed says
Americans have now spent all $2.1 trillion of their pandemic savings, San Francisco Fed says
This was always what the big businesses wanted - to recover all the cash they didn’t get during 2020. Then blame the inflation on democrats.
to recover all the cash they didn’t get during 2020
COVID facilitated the greatest transfer of wealth from the masses to the few in history.
Corporations: thank you for your money 🙏
Also corporations: people are just irresponsible with money and all welfare programs should be cut and in turn corporate taxes should be lowered.
The saddest thing is how this generation praises people for spending money while scoffs at those who save it.
It really is backwards.
What the hell are you talking about about? Who is out there "scoffing" at those who save?
Sometimes I wonder how awesome the Internet would be if people didn't constantly spout some made up bullshit as fact.
Which one is "this generation"? All the advice I've heard for years is "stop buying the new iPhone and the avocado toast and the Starbucks, use your 401k".
Sorry what? People SAVED during the pandemic! Who are these people?
Mostly high earners / high spenders who suddenly had nowhere to spend all their money.
Also some extremely low earners who got elevated unemployment for a while.
And PPP grifters.
We did. My wife and I both worked 6-7 days for over a year, only got one week off during the lockdown. Plus stimulus. We hadn't had $2k to our name in a decade and then we had $20k. Thought maybe we could finally afford to go to the dentist. Ended up with $50k in home repair bills though. Still haven't been to the dentist.
If you're wealthy and all your money is in assets, investments, residential real estate, etc and not income then your wealth significantly increased while everyone else's decreased.
I paid off 20k in debt over the pandemic. Extreme frugality and budgeting with no change in income.
Getting my wife to stop buying stuff was a critical piece.
I learned a LOT about how to save money during the pandemic.
Staying at home is pretty cheap
There's a bubble.
lol. When I read "American", my brain made me see someone holding a gun into his wallet, because I could only see a small preview picture of the link...
Nothing is more American than money and murder machines.
We're holding them to our heads instead. In increasing numbers.
Also, you know what helps drive that? If you guessed easily-available guns, you would be correct!
Why do I feel this is a false narrative for the rich so they stop perpetuating the lie that "nobody wants to work" from two stimulus checks that came 4 years ago? I probably spent more during the pandemic than usual at periods to adapt to it and buy hand soap and toilet paper among other things. It also triggered a pattern of more savings than ever that won't be undone any time soon. Events like that tend to have a generational effect that can't be explained away in a two bit headline.
Yes, if this is regarding the stimulus checks, then wouldn't it all having been spent be good? Yeah, we spent it, we stimulated the economy during a time when the government decided it needed stimulation. Unless the conversation is about the economy needing more stimulation and that giving stimulus money to consumers works better than tax cuts for the wealthy, because the working class actually put the stimulus into circulation rather than hoarding it.
Housing market collapse?
I thought for sure the housing market would implode after the moratorium for evictions during COVID expired.
I was wrong. Corporations just own too much real estate for something like that to make a dent.
Yeah it’s nuts. And nobody talking about laws to prevent stuff like this.
Yeah let the great deflation begin.
Absolutely not going to happen
weird - I havent been spending any more - or less - than usual.
That's impressive given how much the price of lots of things has gone up.
How did you become immune to inflation exactly?
Who spent 2.1 trillion?
All the multinational corporate who exploited PPP loans and then fired all their staff. You know... the important people. /s
There are also the legitimate use cases that went to corporations, exactly as Trump intended. The eligible businesses were required to have fewer than 500 employees…per location.
LISTEN I REALLY LIKE AVOCADO TOAST OK??
I think the idea is that "the people" did, 500 or 1000 at a time.