Thinking. Question About a Recent Economic Event. Economic growth

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Question About a Recent Economic Event
Do you think the sluggish economic growth in the United States of America (USA) is caused by increased personal savings by millennials? Based on the report by St. Louis Federal Reserve, the USA’s savings rate rose to 8.1% in August 2019 as compared to 5.7% in 1996 (Stevens). In my opinion, the rise of personal savings among millennials significantly contributes to slow economic growth.
The market is in equilibrium when the demand is equal to the supply. However, this happens only in an ideal market. In the case of the USA, the previous generation, baby boomers, were known for spending money on items they like. Nevertheless, millennials are careful in their spending habits since they have witnessed the adverse effects of the financial crisis (Stevens). These individuals are cautious and prefer saving more money than they spend. Tavis McCourt argues that higher savings have the ...