US economy based on people spending, not saving.
U.S. savings rate hits record 33% as coronavirus causes Americans to stockpile cash, curb spending
The coronavirus crisis has Americans hoarding more money than ever before as widespread fear paralyzes consumer spending habits. The swiftness and severity of economic recovery in the U.S. hinges on whether consumers continue to stockpile cash or start to spend again. The personal savings rate hit a historic 33% in April, the U.S. Bureau of Economic Analysis said Friday. This rate — how much people save as a percentage of their disposable income — is by far the highest since the department started tracking in the 1960′s, and surpasses consumer savings during the Global Financial Crisis. April’s print is up ... (full story)