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Americans are finally saving more money — at exactly the wrong time
In an economy built on conspicuous consumption, Americans never seemed to save enough. But in an economy decimated by coronavirus closures, we might be saving too much.
The pandemic has upended consumer habits, with fewer people eating out and traveling and others building a financial cushion. Economists have long worried about Americans carrying too much debt, but ironically the sudden embrace of savings comes at a time when the economy needs consumers to spend more. A prolonged period of parsimony is hampering the recovery and threatening industries that had thrived on our free-spending ways.
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