Breitbart Business Digest: There’s Still a Big Hidden Force for High Inflation in the Economy

all tend to end the same way. The murderous psycho has seemingly been vanquished. The protagonists finally can breathe a sigh of relief in a moment of calm. Suddenly, the killer bursts into the scene, showing he’s still viable enough to make a final homicidal plunge.built up during the pandemic period. For around 18 months, from the the onset of the lockdowns and attendant economic recession in March 2020 through August of 2021, households rapidly accumulated savings.

The Biden administration came to power on the false premise that the economy was in shambles. In fact, it was growing at a rapid pace even before Joe Biden took the oath of office. But instead of allowing the economy to normalize,that further pumped income into the private sector. Federal Reserve officials appear to believe that excess savings have now been depleted. According to a measure created by the San Francisco Fed,. In fact, we’ve spent more than all our excess savings, according to the San Fran Fed model.

A recent analysis from Bank of America calculated that the personal saving rate averaged 6.5 percent from 2017 to 2019. If that is used as the baseline, then there there still would be excess savings available for spending. By the Bank of America estimate, there is stillEven this might be too cautious. In the first place, even the 6.5 percent saving rate iswas elected president. Then the saving rate was typically below six percent.

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