5 July 2023
Americans have squandered $1.76 trillion in savings since 2020, leaving a meager $533 billion. Personal savings are at a dismal 4.6% of income, well below the 8.9% average. A staggering $986 billion credit card debt adds to their vulnerability. Wells Fargo predicts a looming recession as the labor market weakens. The financial future looks bleak for American households.