Figure 4: Many Americans "saved" (part of) the government handouts
The increase in the M1 money supply is the result of an increase in the savings rate
Jan
2019
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2020
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2021
Feb
Mar
Apr
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
28.0
30.0
32.0
34.0%
Personal savings rate (percentage of disposable income)
Average pre-pandemic savings rate (7.6%)
14.9%
