America's "excess savings" are already getting spent because wages are lower
Newly-revised data from the BEA shows that Americans are eating into the cash pile they accumulated during the pandemic.
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My view of U.S. household savings behavior has changed in light of substantial new revisions published on Friday.
The last time I wrote about the surge in U.S. household savings thanks to the combination of reduced spending on consumer services and higher incomes due to massive aid programs from the federal government, I noted that “in the aggregate, lit…