Tag Archives: Financial Position

Despite what White House says about Economy the latest financial data could explain why we’re seeing Robin Hood mentality: Rob the rich to feed the poor

Burning-Money

Important Takeaways:

  • 80% Of American Households Are In A Worse Financial Position Now Than They Were Before The COVID Pandemic Hit — What You Can Do To Keep Your Head Above Water
  • Since the onset of the COVID-19 pandemic, they have depleted their extra savings and have less liquid assets than they had before the pandemic began. If this is you, consider speaking to a financial advisor.
  • As of June, the bottom 80% of households by income, when adjusted for inflation, had lower bank deposits and other liquid assets compared to their status in March 2020. The decline marks a significant shift from the initial phases of the pandemic, where various factors, including government financial support and restricted spending opportunities during lockdowns, led to an accumulation of excess savings.
  • The wealthiest one-fifth of households still have cash savings approximately 8% above their pre-COVID levels. In stark contrast, the poorest two-fifths have witnessed an 8% decrease, and the next 40% — broadly representing the middle class — have seen their cash savings fall below pre-pandemic levels.

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