"My mom makes something called green pie, which I thought was a delicacy that many people only had at Thanksgiving, but it turns out it was just Jello with whipped cream on it. And it's delicious." –Bobby Moynihan
It’s officially the holiday season and it is time to get gathering, eating, and shopping! Thanksgiving Day, Black Friday, Small Business Saturday, Cyber Monday, Giving Tuesday…I am so excited about all the traditions we have ahead. In Q4 2019, US households held about $1 trillion in what was effectively cash currency.
By the 2nd quarter of 2022, the amount had leaped to $4.7 trillion! Nothing like this has happened in the past 70 years, however, consumer spending statistics point to something similar occurring during World War II. The federal government put almost $1.5 trillion directly into Americans’ pockets over the course of 2020 and 2021 with stimulus checks, supplementary unemployment benefits, and other aid programs indirectly funneling more.
Those who kept their jobs and/or were above the stimulus-check income limits enjoyed windfalls from the stock and real estate markets. Spending options were few, especially early in the pandemic, and until recently interest rates were so low that there wasn’t much point in moving money out of one’s checking account or from under the mattress. This massive cash reserve makes this 'recession' very different. (Bloomberg)