According to a recent financial study, Americans savings are dwindling. Twenty-two percent of Americans have no emergency savings. In January 2024, 56% could not cover an emergency of $1000 or more and in December 2023 the U.S. personal savings rate had dropped to 3.7% from 8.7% in 2021, and 14% in 2020.
Much of the savings was driven by government stimulus in response to forced lockdowns and a misguided COVID response. We are now paying the price for that largesse with lost opportunities, fewer jobs, higher home prices, rising mortgage rates, and increased overall living costs.
The Feds are not fiddling with interest rates to keep us out of a recession, but to avoid a depression. The BLS numbers have been manipulated to hide the fact that we never exited the 2020 recession.
EX. The recent jobs number of 300K new jobs created included nearly 50% government and government related health jobs which are all paid for by the taxpayer. The government cannot produce goods or wealth. It comes from us. The remaining jobs are p/t. If a worker holds 3 part time jobs, it is considered 3 new jobs created. We are actually losing jobs.
R&I~Smit
Bill
Article URL : https://www.conservativehq.com/post/john-anthony-if-the-economy-is-great-how-come-bank-accounts-are-shrinking