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Started By
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Bloomberg: Americans Have Saved Hundreds of Billions More Than Previously Thought
Posted on 10/10/23 at 4:26 pm
Posted on 10/10/23 at 4:26 pm
Bloomberg reports
quote:
Reports of the demise of excess US household savings were greatly exaggerated.
“It definitely raises the prospects of a soft landing pretty significantly,” Citigroup Inc. senior global economist Robert Sockin said. He puts the odds of a soft landing at around 50-50, after previously viewing a recession as more likely than not.
“Households are in a lot better financial shape than we thought,” said Jonathan Pingle, chief US economist for UBS Group AG, who increased his estimate of excess savings by $600 billion to more than $1 trillion after the recent data revisions.
20
Top Replies
Posted on 10/11/23 at 2:15 pm to Big_Sur
quote:
Much of the excess cash is held by upper-income households. Moody’s Analytics chief economist Mark Zandi reckons that more than half of the $1.8 trillion in excess savings he calculates remains is held by households in the top 10% of the income bracket.
All Replies (33)
Posted on 10/10/23 at 4:27 pm to Big_Sur
bullshite.
Average American has been paycheck to paycheck since Covid hit, which is why credit card debt is spiking.
Average American has been paycheck to paycheck since Covid hit, which is why credit card debt is spiking.
Posted on 10/10/23 at 4:28 pm to Big_Sur
I’m curious in terms of income to debt ratio. Bet it’s only gotten worse.
Posted on 10/10/23 at 4:28 pm to Big_Sur
Thank God. I thought I was screwed.
Posted on 10/10/23 at 4:28 pm to teke184
quote:
Average American has been paycheck to paycheck since Covid hit
Lmaoooo
Posted on 10/10/23 at 4:28 pm to Big_Sur
Progressives are like the weatherman. They are only right less than 50% of the time.
Posted on 10/10/23 at 4:28 pm to teke184
quote:yes, but so are savings.
which is why credit card debt is spiking.
Posted on 10/10/23 at 4:28 pm to teke184
Wrong.
Posted on 10/10/23 at 4:29 pm to Big_Sur
All this means is that more people have resisted their financial ruin than planned and they are taking note of who and how to hit when the real shite comes down
Posted on 10/10/23 at 4:31 pm to Big_Sur
Sur, we only want to hear doomcasting.
Posted on 10/10/23 at 4:31 pm to Big_Sur
Here’s the average ATM receipt for Americans as of today:
Posted on 10/10/23 at 4:35 pm to Big_Sur
quote:
$600 billion to more than $1 trillion
Sorry guys, I forgot about that one account overseas. I got Jon the new numbers and he updated the spreadsheet.
Won’t happen again…
Posted on 10/10/23 at 4:38 pm to Big_Sur
Oh this gonna trigger Stout and rightfully so.
Posted on 10/10/23 at 4:49 pm to Big_Sur
I don't believe this for one second. These hundreds of billions in savings are probably confined to the top 20 or 30% of US taxpayers. The bottom 70 don't have any 1099-int passive income from savings to provide a noticeable cushion. No way this statistic is accurate on the average.
Posted on 10/10/23 at 4:50 pm to Tomatocantender
What about 401K savings?
Posted on 10/10/23 at 4:50 pm to Big_Sur
I dont know about that.
Its like, oh there was a surge in bank deposits. yet they dont mention the fact that the government handed out checks to everyone and then some. Plus all the new customers getting checks coming across the border.
Smells like bullshite.
This is from the same guy in a different article.
Its like, oh there was a surge in bank deposits. yet they dont mention the fact that the government handed out checks to everyone and then some. Plus all the new customers getting checks coming across the border.
Smells like bullshite.
This is from the same guy in a different article.
quote:
US households saved some $1.1 trillion less than previously thought over the past six years, according to revised government data released Thursday.
Revised data also show slower 2022 growth, faster inflation
This post was edited on 10/10/23 at 4:54 pm
Posted on 10/10/23 at 4:59 pm to vl100butch
quote:
What about 401K savings
Not really that liquid though.
Eta: But I think I understand what you're saying, if people are advancing off of their 401ks and taking penalties then that could artificially be inflating studies like this. Basically robbing Peter to pay Paul.
This post was edited on 10/10/23 at 5:03 pm
Posted on 10/10/23 at 5:30 pm to Big_Sur
"This was a paid political announcement"
Posted on 10/10/23 at 5:30 pm to OysterPoBoy
quote:
Thank God. I thought I was screwed
Despite inflation, I've got to think I'm not the only one on the OT doing significantly better now than, say, 4 years ago. It may just be possible that lots of folks are doing better these days!
Posted on 10/10/23 at 5:34 pm to GurleyGirl
quote:
This was a paid political announcement"
Damn this thread got anchored by the admins FAST!
No good news today for the OT!
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