Americans Reportedly Have 5 Trillion Dollars In Cash Due To Stimulus Checks

Posted On: Dec 2, 2022   |   Posted By: Essence

Americans Reportedly Have 5 Trillion Dollars In Cash Due To Stimulus Checks

By Jasmine Browley · Updated November 23, 2022 During the height of the pandemic, a national stimulus relief package put much-needed cash in the hands of millions of Americans. But nearly two years later, the question many economists are asking, is exactly how much money was shelled out? About $5 trillion. According to a recent Bloomberg report, US Federal Reserve data shows that by the second quarter of this year, total cash-on-hand in American households sat at $4.7 trillion. Before the pandemic, in 2019 that number was $1 trillion held in accounts against which checks could be written. It's been since something of this magnitude has happened, according to an analysis by the outlet. Bloomberg pointed out that current spending is akin to what took during WWII times. This windfall of cash was likely caused by the $1.5 trillion in stimulus money allocated to Americans over the course of the last two years, which funded other money-making and sustaining ventures like significant investments, interest bearing...

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