by Brian Maher
Daily Reckoning
Kind heaven, no! A fresh economic scourge is upon the land. Announces CNN:
“New Threat to the Economy: Americans Are Saving Like It’s the 1980s.”
Is a higher evil possible? Thus we are informed:
Americans are slashing their spending, hoarding cash and shrinking their credit card debt as they fear their jobs could disappear during the coronavirus pandemic…
Although caution is a logical response to that uncertainty, hunkering down also poses a risk to the recovery in an economy dominated by consumer spending. A so-called V-shaped recovery can’t happen if consumers are sitting on the sidelines…