The covid easy money euphoria is running out.
Excess savings in the United States continue to drop sharply.
Total excess savings are now down from $2.3 trillion at their peak to just ~$200 billion.
The bottom 80% of households current have ZERO excess savings remaining.
This is, by far, one of the fastest ever declines in excess savings.
All as total credit card debt crosses above $1 trillion and total household debt crosses $17 trillion.
People are feeling the pain of high inflation.
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Total excess savings are now down from $2.3 trillion at their peak to just ~$200 billion.
The bottom 80% of households current have ZERO excess savings remaining.
This is, by far, one of the fastest ever declines in excess savings.
All as total credit card debt crosses above $1 trillion and total household debt crosses $17 trillion.
People are feeling the pain of high inflation.
[image deleted]
