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Americans run down their savings by rose98734

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economy · @rose98734 · (edited)
$0.64
Americans run down their savings
The following is a Federal Reserve chart of M2:

![](https://pbs.twimg.com/media/Fi3CDwkX0AAfkUT?format=png&name=small)
[source](https://twitter.com/jmhorp/status/1598146814053875712/photo/1)

M2 is [defined as](https://www.investopedia.com/terms/m/m2.asp)

>M2 is a calculation of the money supply that includes all elements of M1 as well as "near money." M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, and other time deposits (in amounts less than $100,000). These assets are less liquid than M1 and not as suitable as exchange mediums, but they can be quickly converted into cash or checking deposits.

So M2 is actual cash you have in dollar bills, plus whatever you have in your current/checking account plus savings on deposit.

That spike in the graph is covid money mailed directly to citizens by the Trump and Biden administrations.

Looks like it all got spent rather than saved - no wonder inflation whooshed up!


It's now gone and savings are where they where during the Great Financial crash. This is now deflationary - people dont have the money to say "OK" and pay up when retailers put up their prices. Instead they'll walk away from the purchase. The next step is the retailer cutting prices to get rid of stock. And this is how inflation comes down.
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