U-turn

The current crisis is asking the American people to “switch religion” and go from deficit spenders into savers. Some of you may know that on average, Americans save in “negative territory” compared to their developed nation’s counterparts that are well into the black. Cushioning the transition - if it happens - may be extremely painful and could define a long hiatus in the economy that will have everyone tighten their belt in ways never felt before. The only hope is that once reversed, that trend toward positive savings becomes an ingrained habit… We’ll see!