We heard this past week that February figures for GDP have increased even though they had been expected to fall and no one gave a reason except that the lower figure would have included the snow storms as a contributing factor.
Toward the end of the week we found that figures for savings by Americans has hit a new high. So high, in fact, that they have surpassed nearly every quarter since record keeping started. And then we learned that reason.
So many people have walked away from debt by declaring bankruptcy, including real estate, that the average decrease in debt per person is something over $40,000! And what does that have to do with savings? Well, now that they don't have to pay debt they have that much more money in their pockets which they can spend bringing the February figures up and up and still have some left over to save. How does that grab you?
So the lending and general financial institutions are left holding the bag and one can only wonder where some of the next stimulus distribution will end up. Oh, you don't wonder? You're right. We all know that the American public will be on the hook for the stimulus grants and loans which makes our cumulative debt increase even as our individual numbers go down.
Talk aboaut fuzzy math--
Have a good Sunday,