The Wall Street Journal: People Want to Start Spending Again and Inflation Is Ruining It

From The Wall Street Journal: The unending pandemic has millions of people feeling like their lives are on hold. Many of them feel their financial growth is on hold, too. Americans began hoarding money in the early days of Covid-19. They were worried about their health, their jobs and the prospect of a deep recession that never really came. As the pandemic dragged on, some kept their accounts in a protective crouch and amassed record savings levels, while others started spending. People tend to think that money is the primary barrier to getting the perfect house or car, said George Loewenstein, professor of economics and psychology at Carnegie Mellon University. “They may now have more money, but supply issues and inflation are taking away those things they thought were finally within their reach,” he said. “It just drives some people crazy.” Read the full story in The Wall Street Journal.