Americans will likely deplete the rest of the excess savings they accumulated during the pandemic this quarter, according to a new study from the Federal Reserve Bank of San Francisco.
After rapidly accumulating “unprecedented” levels of excess savings during the pandemic, the San Francisco Fed estimates American households held less than $190 billion in aggregate excess savings as of June.
The 190 billion all belongs to 5 people.
This is not far from the truth. The data shows excess savings. But it is not the middle class, at least the part making $100,000 a year or less, holding it and definitely not the poor.