David Harrison

speaker

171 appearances 4 recordings 1 series first heard Mar 2018 last heard Jan 2022

David Harrison’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Coronavirus Pandemic Exposes Americans' Lack of Savings · 15 Apr 2020 podcast

So you had that in the years after the recession, which, you know, if you're not, if you're paying off debt, that's money you can't set aside for savings.

So basically those two factors meant that a lot of lower income households just didn't have anything left over to set aside.

Might have, yeah.

I mean, not just savers, but everybody else too.

I mean, you really, you know, you saw that if for whatever reason you lost your job, it was pretty easy to get another one.

And, you know, it was pretty easy to move from job to job.

And so, you know, if you're paying the bills, if you're able to afford, you know, to afford your rent, if things are going pretty well, you're not going to be

There seems to be an irony here about the U.S.

You know, as an economist, I spoke to you mentioned, you know, we are in fact the richest country, but historically Americans just haven't saved very much.

You know, regardless of where they are in the income distribution, it's just something that Americans just haven't done much.

And this goes well beyond the current pandemic and the recession.

It's just something historically that people just haven't done.

Yeah, but I mean, it's going to take a while.

You know, the first thing, the first, you know, as we saw in the last recession, I mean, the first priority once people recover is going to be sort of to pay off whatever debts they incur now and just to pay the bills.

So, I mean, yes, it would be great if people took this as a lesson to save more, but it's not easy to do.

All right, thank you.

WSJ Your Money Briefing · Consumer Borrowing Costs Are Rising. Thanks, Fed! · 22 Mar 2018 podcast

Your Money Briefing.

Yes, that's right.

So usually what happens in these cycles, you know, in these cycles where the Fed raises its interest rate is that it takes a while, several months, years for the effect of a Fed rate increase to really, you know, ripple through into the rates that you and I pay for things like mortgages or cars or the rates that we get on our savings, you know, when we put our money into CDs over at the local bank.

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