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.

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…