The marginal propensity to consume is significantly lower for the wealthy who tend to hoard their wealth. Much of the lower-middle class lives paycheck to payc

The marginal propensity to consume is significantly lower for the wealthy who tend to hoard their wealth. Much of the lower-middle class lives paycheck to paycheck. They have significantly less disposable income currently because they're likely to be unemployed. They aren't shopping because they fucking can't afford to, and because social distancing is important right now - in that order. So yeah, the pandemic is partially why people aren't spending as much. But it's also just a core problem that existed pre-pandemic.