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Reply to "Nearly half of Americans have $500 or less in their savings accounts"
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[quote=Anonymous]Aggregate savings peaked at $2.1 trillion in August 2021. As of June, the San Francisco Fed estimated that aggregate savings had dropped to $190 billion. In other words, Americans have blown through $1.9 trillion in savings in just two years. With savings exhausted and credit cards maxed out, consumers have little choice but to stop spending. This undercuts the notion that the Fed can slay price inflation while simultaneously bringing the economy to a “soft landing.” The bottom line is that Americans turned to their savings accounts and credit cards because they didn’t have any other way to make ends meet with soaring price inflation. People don’t spend all of their savings and run up their Visa balance month after month to buy groceries when they are in “very strong” financial shape. So they oft repeated mantra here that Americans and the economy are financially stable and in good shape is completely false. [/quote]
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