Want to create an interactive transcript for this episode?
Podcast: Your Personal Bank
Episode: Americans Savings are Less than Pre-Pandemic Levels
Description: The long term savings rate for Americans is about 4% of annual income. Americans accumulated $2.3 Trillion of excess savings in August 2021 primarily due to government pandemic stimulus.  This excess savings has allowed consumer spending to remain strong for the past 3 years. Consumer spending accounts for about two-thirds of Gross Domestic Product (GDP). Consumer spending has been the lone bright spot in the economy and likely has prevented a recession so far.  Consumer spending is weakening. Americans' savings are now below pre-pandemic levels. Credit card debt is at record highs.  Many Americans are using savings and debt to pay for basic expenses. The Ame...