The American Dream is Over
The U.S. Federal Reserve has released a report on the economic well-being of American citizens. It reveals that 37% of Americans have no emergency savings whatsoever. Two years ago, this figure was 32%, and ten years ago, it was 18%. In 2021, the total amount of savings in American accounts was $2.21 trillion. As of March 2024, it has dropped threefold to $671 billion.
The Federal Reserve notes that the record savings in 2021 were linked to COVID-19 and stimulus money. This actually makes the situation worse, as it implies that Americans' savings have been declining since 2013.