Consumers have burned through their stimulus cash and are now drawing down their savings to satisfy pent up spending sprees and to cover the increasing cost of living. This cannot continue.
From 2015 through the end of 2019, consumers held a consistent average of $1.1 trillion in savings. However, with the commencement of the COVID pandemic and the first of three government stimulus packages, personal savings spiked from $1.3 trillion in January 2020 to $6.4 trillion in April 2020—a jump of over $5 trillion in four months! This unprecedented increase in savings was . . .
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