>"Pandemic programs boosted incomes and reduced spending opportunities, leaving households with $2t in free money yet to be spent."

Financial savings are what’s left of your income after taxes and spending on real goods and services. During the pandemic many special programs were rolled out to support household incomes: $1.1t in forgivable business loans to maintain payroll, $800b in direct stimulus checks, and $700b in extra unemployment benefits. While the pandemic programs of other countries prevented incomes from falling too much, the U.S. programs actually significantly boosted incomes. Overall wages did not fall, and total income rose above trend due to transfer payments (stimulus checks and unemployment benefits).