Covid Cash
08/22/2023 |
During the Covid pandemic, Americans saved an additional $2.1 trillion above and beyond normal savings because of stimulus checks, an inability to travel and so on. Since August 2021, $1.9 trillion of that amount has been spent suggesting there remains just $200 billion. At a drawdown rate of $100 billion/month, the rate that has prevailed since mid-2022, the excess will be fully exhausted during 23Q3.