Amid pandemic, Americans are saving more -- especially the wealthy
Washington (AFP) - The coronavirus pandemic has wiped out millions of jobs in the United States, but it's had the unexpected effect of increasing savings rates among Americans, especially wealthy people stuck at home and forced to give up travel and entertainment. Along with the dramatic reduction in leisure spending, things like government stimulus checks, unemployment benefits and the suspension of monthly loan repayments for more modest earners have swelled the bank accounts of Americans who are usually known to be crumbling under debt. Americans have accumulated $1.8 trillion in excess sav...