Americans Lose Savings
Not good at all.
There is a worrisome new sign that has economists worried about the future. It now appears that Americans are saving less than they have in a very long time.
According to Fox, the national personal savings rate dropped to just 4.4% April which the lowest it has been since 2008!
The total savings slipped to a shocking low of $815 billion.
Macro Trends Advisors LLC founding partner Mitch Roschelle explained, “We’re starting to dip into savings because what generally happens in periods of inflation is you see demand destruction because prices just get too high and people just stop consuming whatever it is. While we haven’t truly seen demand destruction yet, the first thing that happens is people start dipping into savings because they’re not willing to slow down consumption.”
