The Great Recession (The Second Great Depression) switched American attitudes from spending to saving. In the early years of the century, American saving rates fell to levels that worried economists. In July 2005 the savings rate dropped to 1.9%. Now, the rate is back up to about 5%. The proportion of the population interested in spending versus saving was about even: 50/50 in 2005. Now, there are twice as many savers as spenders: 65/33 in 2016. Considering economists, they’re probably now worried that we aren’t spending enough.
(Click on the graph for the link.)
“Nearly Two-Thirds Of Americans Prefer Saving To Spending” – Gallup
