https://preview.redd.it/qoce0cajtgx91.jpg?auto=webp&s=2d7c6bb885dd8d573af9c8b3cd9e4aca458fca5c
US personal savings near historic lows…
View Reddit by Infamous_Sympathy_91 – View Source
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I don’t know what they’re talking about. I’ve saved up a bunch of credit card debt.
Can you go back farther than 2019?
Long MO
Oh we can go lower….
Where are those cash rich consumers I keep hearing about?
It’s almost like the price of everything went up a lot but wages didn’t go up as much (if at all), so we had to spend the money we had saved…
Everyone stop paying their credit bills. Watch the banks panic.
Holy shit 3% is insane. That basically means no one is saving any money at all
I am in this picture and I don’t like it.
Historical bottom was my nickname in high school
Inflation will save everyone
If someone owes you $100, they have a problem.
If someone owes you $926B, you have a problem.
But the boogeyman JPOW says we are too rich?
I got 11 dollars in my savings.
I hate that there are 2 Y-axis yet neither one starts at 0. Looks intentionally misleading.
That’s personal savings rate, which is not the same thing as personal savings. Personal savings is nowhere near a historical bottom.
Do credit scores next!
I know people talk about not holding cash and investing, but I feel a lot more secure when I see a good chunk of money in my account.
Can I get a source source? I was told that inflation wasn’t cooling down because people still had too much savings.
This trend is really assisting across the globe.
We’re not far from a massive societal shift as people continue walking up to the fact that our battle isn’t left vs right in politics.
Our battle needs to be top vs bottom to take the power and money back from the elites.
1: chart only goes back to 2019
2: savings rate, not personal savings amount
3: savings rate as a percentage of disposable income? So this could be skewed by increasing disposable income, which would be a good thing. We wouldn’t expect savings to increase just with income but rather with expenses (because people save to cover future expenses, they don’t necessarily save just based on how much money they make)
4: credit card loans as a dollar amount shows nothing unless it is compared to another metric like household income or DTI
Shit graph, proves nothing
Edit: also there’s a typo so whole argument instantly discredited
GME is my personal savings
I can confirm this.
Soooo, puts on my savings account?
Hard to live within your means when it takes 4678 hours of work to have enough money to take your family to McDonald’s for dinner.
Which is hilarious considering people refinanced the fuck out of their houses over the last two years and must have blown all the money. Can’t tell you how many cash out refis I saw. Also, revolving consumer credit lines are at a high last seen in the 80s.
Biden admin won’t admit it, but we have been in a definitional recession for a while and it ain’t gonna get better
Add corporate profits and CEO compensation to this graph to feel really sad for the future.