“My beautiful pile of cash is slipping away,” lamented a recent caller to my podcast. She is not alone.
The personal savings rate, which is the amount of money people have after spending and taxes, dipped to 3.4 percent at the end of last year. That’s a far cry from the COVID record high rate of 34% in April 2020 (as it turns out, it’s very hard to spend a lot of money on paper towels, disinfectant, and masks), and well below the pre-pandemic level of 8.8% for all of 2019.
The pandemic’s impact on the economy, combined with the government’s relief measures to combat it, has distorted the
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