The U.S. government's response to the COVID-19 pandemic unleashed massive amounts of fiscal stimulus which built up as excess savings that were only depleted in early 2023.
The Lonski Group President John Lonski discusses people losing hope in the American Dream, Bidens handling of the economy and Treasury Secretary Janet Yellens trip to China.
The excess savings American households had accumulated in the last few years was depleted in the first quarter of 2023, according to theby Federal Reserve economists Francois de Soyres, Dylan Moore and Julio Ortiz. In their research, the trio defined excess savings as the amount of savings households are holding above the preceding savings trend.
Research from Federal Reserve economists finds that the excess savings accumulated by American households in the wake of the pandemic was depleted in Q1 of 2023. The economists wrote that the sharper decline in excess savings meant that those dollars played a bigger role in supporting demand in the U.S. economy over the last year, "Given the more rapid drawdown of excess savings, aggregate demand in the United States is likely to have been more than in other countries over the past year."
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