People are free to choose what they will do with their hard-earned money. I think whoever says about using savings to "help" the economy is wrong. People will consume and continue to consume as long as they are alive.
Now is the time for a recession, and people should accept it and move on, there will be good times after this recession, as always.
Topic: Americans hoarding cash doing more harm to their economy? - page 4. (Read 484 times)
They hold the cash and it's in their pocket, they can do whatever they want. And even if their government will force them to spend it, I think that many will oppose it and will still keep holding it.
People's concern isn't about the economy but their stomachs and how to survive in this pandemic.
People's concern isn't about the economy but their stomachs and how to survive in this pandemic.
Is that the big cause of the current economy today? I don't think so. The economy is hurt because no one could spend their money where they want to because most of the stores or places that you can spend it on are closed. The main reason why stock markets crashed because people started cashing out their investments and that is one of the reasons for the "cash hoarding".
Everything is connected to the current pandemic and I hope it will get better soon. The current economy will recover for sure.
Everything is connected to the current pandemic and I hope it will get better soon. The current economy will recover for sure.
It's not just about America only. People from any country are hoarding cash at whatever amount they can, especially those who are still having a stable jobs. I am seeing this trend in almost all of my colleagues and the same is being done by me as well. Since I am not traveling to office or not going to a restaurant or even not going for a movie, I am able to save a good amount of money every month which I am either investing in stocks or bank deposits.
I don't think American or any one who is hoarding money, isn't doing anything wrong. The situation is very uncertain and no one really knows when their job will be lost. So it's a perfect thing anyone can do at this time - save for future! No blame to be given!
I don't think American or any one who is hoarding money, isn't doing anything wrong. The situation is very uncertain and no one really knows when their job will be lost. So it's a perfect thing anyone can do at this time - save for future! No blame to be given!
In these uncertain times Analysts have struck a nerve by claiming that American’s are destroying their economy by hoarding cash, and they feel that the American citizens should spend their cash in order to revive their country’s economy. In my personal opinion I don’t think that American citizens are wrong to hoard their cash, due to uncertainty surrounding their jobs. What are your views on this matter should America’s citizens sacrifice their savings in order to save America’s economy, or should they continue to save cash but unintentionally continue to harm America’s economy?.
Americans are slashing their spending, hoarding cash and shrinking their credit card debt as they fear their jobs could disappear during the coronavirus pandemic.’
“I love how the blame immediately goes to the average American, instead of oh, I dunno, the 1% and these megamillionaires buying back their own stocks right now,” he said. “People are just trying to survive and feed themselves right now, and we’re supposed to care about the big picture?”
“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,” reporter Matt Egan explained. “A so-called V-shaped recovery can’t happen if consumers are sitting on the sidelines.”
Source:
https://www.marketwatch.com/story/the-us-economy-is-facing-a-new-threat-consumers-are-being-too-responsible-with-their-money-2020-05-13
Quote
Americans are slashing their spending, hoarding cash and shrinking their credit card debt as they fear their jobs could disappear during the coronavirus pandemic.’
Quote
“I love how the blame immediately goes to the average American, instead of oh, I dunno, the 1% and these megamillionaires buying back their own stocks right now,” he said. “People are just trying to survive and feed themselves right now, and we’re supposed to care about the big picture?”
Quote
“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,” reporter Matt Egan explained. “A so-called V-shaped recovery can’t happen if consumers are sitting on the sidelines.”
Source:
https://www.marketwatch.com/story/the-us-economy-is-facing-a-new-threat-consumers-are-being-too-responsible-with-their-money-2020-05-13
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