Policy officials and the private sector devoted 2020 to bolstering future demand. Some of the fiscal stimulus was spent, but much of it was saved. Chart 1 illustrates that personal savings as a percent of GDP surged to a post-war high of 14%—more than 7.5% higher than average and 4% above its previous record high in the mid-1970s! That is a lot of future buying power!
Feb
19
2021
DEMAND In Waiting!
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