Lack of Savings Worsens the Pain of Coronavirus Downturn
The Federal Reserve has discouraged savings for a generation and a half.
(From The Wall Street Journal)
As of December 2019—before the shutdowns—households in the bottom 20% of incomes had seen their financial assets, such as money in the bank, stock and bond investments or retirement funds, fall by 34% since the end of the 2007-09 recession, according to Fed data adjusted for inflation. Those in the middle of the income distribution have seen just 4% growth.