Americans hoarding cash doing more harm to their economy?

[verita1]

The analysis of this article makes a lot of sense, the uncertainty leads us to take drastic measures in one way or another to save our heritage. Loss of work is one of the main concerns of the American, for which the analysis indicates that they are using less their debit and credit cards.
The American economy could have this breakdown but everything would be solved gradually once they overcome the pandemic.

[deisik]

In these uncertain times Analysts have struck a nerve by claiming that American’s are destroying their economy by hoarding cash, and they feel that the American citizens should spend their cash in order to revive their country’s economy. In my personal opinion I don’t think that American citizens are wrong to hoard their cash, due to uncertainty surrounding their jobs. What are your views on this matter should America’s citizens sacrifice their savings in order to save America’s economy, or should they continue to save cash but unintentionally continue to harm America’s economy?

Well, we have been told a different story for years

That there are no savings, and America is made up of households living on credit, whether it be homes, cars, and whatnot. However, as it seems to me, you can't work it out both ways, like you can't have a cake and eat it (unless you are going to eat for the second time, of course). If you have cash on hand which you want to stash, you can't be in debt as debt forces you either to spend or to pay back (then mission accomplished). This way, something smells extremely fishy with this narrative, don't you think?

[RealMalatesta]

Actually economy would be fine if there wasn't too many fuck ups by the companies, the whole government is run like a company and that is why the economy is bad. Regular folks couldn't even try to hurt the economy even if they wanted to, they are not doing anything bad to it at all, even if all of them saved all of their money all at once.

Right now companies are getting hundreds of billions of dollars, even trillions in help from government, you think that money is not affecting the economy? Or caused by the regular people? Let the companies that fail go bankrupt and you will only have the decent legit ones alive, but they are not doing that, why? Because those companies that get some help from the government bribes those same politicians with money to get those money as well.

[zeeros]

The act of hoarding cash is contributory to the economic depression that we are all experiencing. But, the main cause of economic distress is still the pandemic. Because of this, a lot of business are shutdown and many people are unemployed forcing individuals to stash their cash. But, we should keep in mind that it is important that the money is still circulating by spending or investing it. For me, it is much better if they store their money in banks or invest it in platforms like cryptocurrency.

This link might help if you want an alternative to store your money other than in bank.
https://www.investopedia.com/financial-edge/0812/5-places-to-keep-your-money-when-you-dont-trust-the-banks.aspx

[Kakmakr]

In my opinion it would only be harmful to the tax payer, if people hoard large amounts of physical cash (coins & notes) because the reduction of coins & cash in circulation will increase the printing and minting of more coins & cash. The cost to mint coins and to print money will increase and the tax payer will have to pay more taxes for that.  

It is a very old discussion and debate, if it is good or bad to collect all those coins in a bottle, that are still supposed to be in circulation. Collecting old coins and notes that are not in circulation is not bad for the economy.

Should the citizens be held responsible to continue wasting cash on things that they do not need, just to stimulate the economy is simply preposterous.    They should rather pay off their debt, because that will be much better for the US economy with it's huge debt problem.