April 16, 2021

THANKS, COVID!:

More middle-income Americans have built up savings for 6+ months' worth of expenses, says new survey (Megan DeMatteo, 4/14/21, CNBC)

Morning Consult economist John Leer's latest analysis found that one-third (33%) of American consumers with incomes between $50,000 and $100,000 have enough savings to cover at least six months' worth of living expenses. Additionally, the gap between high-income savers (those with salaries above $100,000) and middle-income savers narrowed to its lowest level since May 2020, when Morning Consult began tracking.

This news comes in conjunction with the arrival of tax refunds and stimulus checks for upwards of 127 million people. The $1.9 trillion American Rescue Plan Act also included a variety of additional measures to put more cash in Americans' pockets, including expanded child tax credits and health insurance subsidies. Families that meet the income requirements could be eligible to receive $1,400 per adult and per dependent, so a family of four could receive a total $5,600 just in stimulus payments alone.

Transfer wealth, tax its consumption, means-test benefits. 

Posted by at April 16, 2021 12:00 AM

  

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