What a strange headline.
This wasn’t government savings, but families who hunkered down during the pandemic and reduced spending so they could keep more money in the bank.
There is absolutely no obligation for them to spend that money.
Go after billionaires who are hoarding all the wealth. The top five could spend $350B in a weekend.
But don’t you get it? All we’re supposed to be is potential future wealth for the ownership class! If we’re not giving up our savings to them, what are we even here for?!?!?
I’ve been holding cash/GICs so I can pay off as much of my mortgage before renewal as possible. I get better rates in savings and GICs than the mortgage interest, so it makes sense to hold and pay out as much as I can at/before renewal.
It’s too short a term to put in the market, and I’m more worried about securing my home than I am anything else.
Besides, as soon as my boss thinks AI can do my job I’m gone (I have been told as much), regardless of whether it can or not. So there’s a reasonable chance having a cash pillow is going to be important in the next few years.