"Lasting pain in the labor market has led the government officials to leave much of their policy support in place. But the unprecedented level of aid, …stands to boost the economy well after it fully recovers,
... For one, annual M2 money-supply growth sits at nearly 25%. The same metric reached just 11% the first time the unemployment rate was at 8.4% in 1983. After the financial crisis, money-supply growth was 10% when the unemployment rate slid below today's level.
... Americans are largely waiting on the sidelines even as several metrics suggest the opposite. The household savings rate sits at 18%, a historically high level, even after surging to 33.7% earlier in the pandemic. That reading "implies that stimulus checks are so far not being spent," Paulsen said, leaving swaths of cash ready to boost the economy.
... Separately, credit card debt has steadily declined through the downturn. In previous recessions, balances generally didn't drop until well after the slump."
(A Wall Street chief strategist explains how the shockingly quick onset of pandemic fear may have set up both the economy and stock market for a surprisingly strong 2021 dated September 12, 2020 by Ben Winck via BusinessInsider.com)
Full article can be read here: https://markets.businessinsider.com/news/stocks/economic-outlook-overreaction-coronavirus-recession-boost-recovery-stock-market-strategist-2020-9-1029583417