Where To Spend All That Savings | An Opportunity To Build Wealth
- Americans have saved $1.6 trillion since the pandemic started, per the Commerce Department.
- That’s roughly half of overall global savings during the pandemic, and the same as South Korea’s GDP.
- It’s also greater than the output gap, or economic hole created by Covid-19, signaling a coming economic boom.
Experts are currently projecting 4.6% growth for US GDP this year, per Bloomberg. If Americans spend all the money they saved in the past year, that could jump to 9%; whereas if they don’t, the GDP forecast could drop to 2.2%.