Savings are not anywhere close to "dwindling". There are still huge excess savings accumulated during the pandemic. Relative to 2019 baseline ($1.4T annual), Am

Savings are not anywhere close to "dwindling". There are still huge excess savings accumulated during the pandemic. Relative to 2019 baseline ($1.4T annual), Americans accumulated about $2.2T in excess savings. The 2022 shortfall relative to baseline is about $800B. Even if this continued it would take another 2 years to burn off excess pandemic savings. And that doesn't even count the sizable gains in home equity and investment portfolios over the period.