‘I’ve never seen my bank account grow like this’: Massive surge in savings will lead to a booming economy later this year, economists say

As someone whose bank account continues to grow (and whose salary grew by 35% over the course of the pandemic), and who is an economist, I can say this:

These articles suck. They suck because they only apply to a small subset of the population who can WFH or who are in the non-impacted industries. Those who aren't fortunate enough to be in the aforementioned who have lost their businesses, savings/retirement accounts, etc, will not be participating in this boom economy.

It's certainly possible to contradict the article's claims -- you'd have to estimate the lost wealth from those hurt by the pandemic vs. the gained wealth from those who benefit. On a dollar level, the amount gained for those who where wealthy (who largerly tend to fall in the WFH category, some exceptions apply) will almost certainly exceed the amount lost by the poor. However, giving an extra dollar to an already wealthy person will have less of an economic benefit than taking a dollar away from someone barely making ends meet.

Its a complicated issue and this article oversimplifies it.

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