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Pandemic-Era ‘Excess Savings’ Are Dwindling for Many



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In a commentary published on a Federal Reserve Bank of New York blog in April, four economists argued that “although large by historical standards, the savings accumulated by U.S. households during the pandemic do not appear to be ‘excessive’ when set against the extraordinary need of many American families.”Millions of Americans could be buffeted by financial volatility again with little safeguard as new variants of the virus emerge. For some, that reality has already begun.“It was hard even before the pandemic hit,” said Maria Patton, a 57-year-old former real estate agent whose finances were ruined by a recent divorce. “And when the pandemic hit, it became impossible, almost.”Ms. Patton, who …

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