David Asman: Americans Are Running Out of Savings

EXCERPT:

ASMAN: "The problem is that Americans are running out of savings. Americans built up this huge pile of savings during the pandemic because of the lockdowns where they couldn’t go out and spend money on vacations and stuff. $2.7 trillion of savings was developed over the pandemic. That created a tremendous buffer for them coming out of the pandemic. Of course, they’ve been spending a lot in the past six months or year since we got out of the lockdowns, but inflation has kicked up at the same time. And what’s happening now is that Americans are actually dipping into their savings because of inflation. So they are running out of their savings. What do you do when you’re at home and you run out of savings? You go back to work. A lot of people who had been sitting on the fence are now seeing these 11 million jobs, cherry picking the really good ones, and there are a lot of good ones out there, and going, getting jobs. That’s the news.”