Could it be that we are looking at this all wrong?
Form mrcTV:
“As of July, Americans are saving less – and more than half are living paycheck-to-paycheck – new reports reveal.
“61% of Americans are living paycheck to paycheck — inflation is still squeezing budgets,” CNBCreported on Thursday, 8/31, citing a new Lending Club study on July 2023 consumer trends.”
Just think about that statistic for a second … 61%! That is hard to imagine. What that implies is that only 39% of us could tolerate some unforeseen disaster that would cause them not to get a paycheck one week. Now perhaps there are some of you who think that missing one
measly paycheck would not mean the end of the world for those 61% that are living week to week. After all if a paycheck were to be missed, then one could just borrow from his/her savings account. BTW, in general how are those savings accounts doing?
Again from mrcTV:
“Also on 8/31, the U.S. Bureau of Economic Analysis (BEA) released its “Personal Income and Outlays” report for July, revealing that Americans’ average personal savings rate fell from 4.3% in June to 3.5% in July.”
So people are saving less … that will happen. Perhaps it’s due to individuals taking more vacation? Hmmm … Or is it possible that this reduced savings rate has something to do with who is running our country.
Actually, “July’s 3.5% savings rate is a mere quarter of its 13.4% level when former Pres. Donald Trump left office and more than twice the 7.2% savings rate recorded during Trump’s first full month in the White House.”
As Jeff Childress would say, “For those of you who live in Portland, this means that during the four years of Trump’s presidency, the savings rate increased by 86%, whereas during Biden’s 2+ years in office the savings rate has decreased by 74%.
Coincidence? … I do not think so!
But as bad as this sounds, could it be that we are looking at this all wrong?
As the Babylon Bee recently alluded, I guess we’re lucky that President Biden has taken 40% of his time in office as vacation, since if he had spent less time on vacation and more time in his office, the average personnel savings rate could well be as low as 1%!
Perhaps, we should look at the good side of it.
9/4/23