Reply to Nearly half of Americans have $500 or less in their savings accounts

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]And Trump's plans to make anything better?

We are still waiting for his "beautiful" healthcare plan.

[/quote]

He already showed Americans he had better plans and implemented those plans. That’s why the average American was able to save money while he was president. [/quote]

Bullshit.

"How much to put into savings—long a subject of kitchen-table discussions— was a question of renewed interest among Americans as the country encountered the coronavirus pandemic.

Entering the second quarter of 2020, Americans’ fears of the pandemic were ramping up amid record job losses and the worst economy since the Great Depression. Those without jobs wondered how they would pay bills, while those with jobs either stopped spending or, at least, found fewer places to spend" --https://www.kansascityfed.org/ten/2021-spring-ten-magazine/study-shows-surge-in-savings-during-the-pandemic/ , published April 29, 2021.

Those who remained working and worked from home didn't have commuter expenses. Day care centers closed and the kids were all home. Those who ordinarily travelled for recreation didn't. Virtually everyone got a stimulus payment. People who were unemployed, in some cases, had more income while unemployed. Meanwhile, businesses received extra cash from the government. Gasoline costs plummeted because nobody was driving (for awhile, wholesale oil and gas prices were NEGATIVE because there was no place to store it all, and wells could not be shut down overnight). Many purchases were delayed during ongoing supply chain issues (I considered buying a freezer in 2021--something I have often pondered but have not taken a firm step towards, I'm generally a lazy procrastinator when thinking about buying stuff--I was told they were not taking orders since they had orders from a YEAR ago they were still waiting to fill, and they needed to keep their floor models. The company whose contract I was working on at the time had a huge bottleneck in PC refresh for its employees because they couldn't get the computers).

Since then, those temporary sources of extra income vanished. People had to pay for daycare again. People travelled. The hospitality industry exploded. And, yes, inflation--for many reasons.

There is another factor, I think, for people who ordinarily are not able to save much. Having extra money in the bank is a powerful motivator to keep saving while you can.

Nobody seems to remember all the people complaining on here about how their nannies and housecleaners were making more money not working than they had working during those days. [/quote]

“However, the personal-saving rate continued to rise to an average of 8.2% in the first 7 months of 2019 — despite U.S. consumers experiencing historic levels of confidence in the economy.
In total, savings outpaced spending and investing in 2018.“

pre-covid, your theory is incorrect and you are ranting uselessly, thanks.[/quote]

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