Listen: Money for Nothing
President Joe Biden says his $1.9 trillion pandemic rescue plan, for the first time, prioritises working- and middle-class Americans. But US household wealth has surged during the pandemic, with increases in savings spread more broadly across the income spectrum compared to Europe, as ING's James Knightley explains in this podcast
Despite the pandemic and the resulting lockdowns, business closures and, at its worst point, the loss of more than 20 million jobs, the US household balance sheet improved massively through 2020. And it wasn't just the rich that benefited. In this podcast, ING's Chief International Economist James Knightley tells Senior Editor Rebecca Byrne what the savings data shows, what it means for consumer spending and how it could impact the economic recovery.
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