$2.59 trillion sitting uninvested in bank accounts...
... while many workers struggle to afford the basics of life, let alone "luxuries" like a night out. This hurts them, but also the businesses who sell those things. The grocery stores throwing out unsold food. The cinemas screening films to 2 people per session.
This is what happens when economies don't redistribute enough money to workers. Living standards of drop, and productive businesses suffer.
@feld
> During COVID American households accumulated 2.4T in savings
The pandemic was a special case. Lockdowns made it more difficult to spend money, while creating a sense of insecurity in people living close to the breadline, making us more imclined to hoard any we did get (I noticed about year ago that I had been). In general, workers only save for future costs or purchases (eg car repairs, dental visits, mortgage deposits), not just for the sake of seeing more digits on bank statements.
Strypey
feld