The bottom 50% of households have already spent through their excess savings (from government stimulus checks), but the top 25% have accumulated excess savings through wages; the Fed's attempt to 'dry out' excess savings by breaking the economy will only impact the bottom cohort who are already gone, not the wealthy who won't spend anyway.

causalpending

Speaker

Danielle DiMartino Booth

Evidence Quote

The bottom 50% have already gone through theirs. Those were the stimmy checks. And the top 20 top 50%, particularly the top 25%, they were able to get that excess money through wages and just go to fashion savings. So, you're not going to dry them up.

Source

DoubleLine Round Table Prime, 2023 - Part 1: Macroeconomic State of Play 1-4-23DoubleLine Capital
Created: 8/11/2026, 1:33:48 AM

My Notes

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