Bottom 80% of Households Deplete Savings Under Bidenomics

The latest Federal Reserve study reveals a grim financial picture for 80% of American households, whose bank deposits and liquid assets, adjusted for inflation, have dipped below the levels seen at the pandemic’s onset in March 2020. While the wealthiest 20% of households have managed to retain an 8% increase in cash savings since the pandemic began, the bottom two-fifths have experienced an 8% drop, and the middle class has seen their savings dwindle below pre-pandemic levels. This economic disparity underscores a widening financial gap amidst ongoing challenges.