Even as the Federal Reserve jacks up interest rates, there’s hope of avoiding a painful recession because of savings that many American households and corporations still have. Nightly reports 👇
A cashier counts U.S. Dollars. Many Americans still have savings that are easing the pressure from inflation on the economy. | Ian Waldie/Getty ImagesThere’s one thing that tends to make recessions less likely to happen and less painful when they do occur: people having money
Though Americans’ Covid-era savings are nowhere close to where they were at the height of the pandemic in the first half of 2020, households still have roughly $1.7 trillion in excess cash in the bank to keep spending even as record-high inflation slices away their wage gains.— and the Biden White House — thinking the U.S. can avoid recession even as the Federal Reserve jacks up interest rates.and levels of virulence.
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