...Yet Harry Colvin of Longview Economics estimates that US households have $3.3tn more cash in bank accounts than they would have had if there had not been a pandemic. That sounds like an eminently spendable surplus...
...But Colvin points out that cash and cash equivalents on US corporate balance sheets have increased by close to $1tn since the start of the pandemic. So there is no shortage of liquidity in the sector whatever the overall shape of the balance sheet.