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At Bottom of Income Ladder, Americans Burned Through Extra Cash

Updated on

Most Americans are still adding to their cushion of pandemic cash savings. But for the lowest earners, it’s all gone, and then some.

Among the bottom one-fifth of the income distribution, holdings of cash -- currency plus checkable deposits -- were down by 22% in March from their levels at the end of 2019, according to the latest data published by the Federal Reserve.