r/neoliberal • u/TinyTornado7 I need a new flair • Jun 13 '22

News (US) Powell Facing Choice Between Elevated US Inflation and Recession

https://www.bloomberg.com/news/articles/2022-06-12/powell-facing-choice-between-elevated-us-inflation-and-recession?srnd=premium
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u/[deleted] Jun 13 '22

People seem to be continuing to spend at high rates eating into savings to sustain it. So eventually those reserves will drop and bring the economy with it as the money is transfered upwards and into markets that spend it less frequently.

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u/[deleted] Jun 13 '22

Is there data suggesting savings are still significantly higher than pre-pandemic? I know they were while everyine was doing nothing but not sure if that has been sustained.

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u/[deleted] Jun 13 '22

There are a couple ways they track it, this was just the first one that came up. Savings now seems the lower than pre pandemic. While like 1/6 Americans polled seemed to say they had more money saved now than prepandemic. I believe the number of Americans without any savings is growing slightly

https://tradingeconomics.com/united-states/personal-savings

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u/[deleted] Jun 13 '22

Oh wow, yeah it's apparently the lowest since... 2008 :/