Inflation hits Americans’ COVID cash stash as personal savings rates slump to just 5.4%

President Biden’s claim that Americans are saving more since he took office has been exposed as a lie by data showing how inflation has eaten into rainy-day funds.

New statistics from Federal Reserve Economic Data (FRED) showed that in May this year, the average American had just 5.4 percent of their pay check left to save after covering their living expenses.

That amount is known as the National Personal Savings rate. 

It currently sits far below the all-time record of 33.8 per cent that was recorded in April 2020. It also sits below the average amount Americans had available to save each month over the last decade.

The lowest National Personal Savings rate over the last decade – prior to the May figure – was recorded in January 2013, when it hit 5.6 per cent. 

By the end of 2021,…