What savers do with $2.4 trillion will define the recovery
CNN
Wall Street is expecting the economy to come roaring back to life in the second half of this year. But there's one crucial question: Are Americans ready to spend the savings they've stashed away during the pandemic?
What's happening: In a note to clients this week, Goldman Sachs strategists estimated that Americans are sitting on $1.5 trillion in "excess" or "forced" savings. They forecast that figure will climb to $2.4 trillion, or almost the size of India's annual GDP, "by the time that normal economic life is restored around mid-year."
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