San Francisco, CA
Americans have now spent all $2.1 trillion of their pandemic savings, San Francisco Fed says
US households have exhausted the pile of cash squirreled away during the pandemic, according to research from the Federal Reserve Bank of San Francisco.
“The latest estimates of overall pandemic excess savings remaining in the US economy have turned negative, suggesting that American households fully spent their pandemic-era savings as of March 2024,” San Francisco Fed economists Hamza Abdelrahman and Luiz Oliveira said in a blog post published Friday. The duo have been updating their estimates regularly over time, and last year flagged that the US savings surplus was lasting longer than previously expected, helping to hold up spending.
Pandemic-era excess savings — the difference between actual savings and the pre-pandemic trend — swelled to $2.1 trillion from March 2020 to August 2021. From that point, households drew on those savings at an average monthly pace of $70 billion, and that spending accelerated to $85 billion per month last fall before dropping to -$72 billion in March, according to the researchers.
Americans were able to build up extra savings while stuck at home during the pandemic, in part due to extraordinary government support. The reserves are widely thought to have helped the US economy continually defy forecasters’ expectations for a downturn, even as the Fed implemented a historically rapid interest-rate hiking cycle.
As long as Americans can keep up their spending through other means — like continuous employment or wage gains, other savings, or more debt — the exhaustion of pandemic cash is unlikely to result in a drop in consumer spending overall, Abdelrahman and Oliveira wrote.
But cracks may be forming. Last week, Amazon and Starbucks earnings reports both pointed to an increasingly budget-conscious consumer, and a pullback in demand would be in line with a Bloomberg Economics forecast for a slowdown in consumer spending this year from 2023’s robust pace.
Read More: US INSIGHT: Three Forecast Methods Say Consumption to Slow (1)
New York Fed President John Williams said Monday the bank has heard from retailers that many consumers are being “much more careful about their spending and we’re seeing some slowing there.”
Lower- and moderate-income households in particular have spent down their pandemic reserves and “we are seeing some delinquency rates on credit cards and auto loans pick up,” Williams said at the Milken Institute Global Conference in Los Angeles.
“In the big picture, it’s an economy that’s still healthy but growing somewhat slower,” he said.
San Francisco, CA
Where to watch Athletics vs San Francisco Giants: TV channel, start time, streaming for June 23
What to know about MLB’s ABS robot umpire strike zone system
MLB launches ABS challenge system as players test robot umpire calls in a groundbreaking season.
The 2026 MLB season has surpassed the quarter mark, and after each team’s first 40 games, there’s plenty of reasons to tune in all summer long.
Chicago White Sox slugger Munetaka Murakami has already proven doubters wrong by launching 17 home runs, Pittsburgh’s Paul Skenes consistently looks like the best version of himself on the mound and Milwaukee ace Jacob Misiorowski is throwing harder than any starter in the majors.
The MLB action continues on Tuesday as the Athletics visit the San Francisco Giants.
Here’s everything you need to know to tune in for the first pitch.
See USA TODAY’s sortable MLB schedule to filter by team or division.
What time is Athletics vs San Francisco Giants?
First pitch between the San Francisco Giants and Athletics is scheduled for 9:45 p.m. (ET) on Tuesday, June 23.
How to watch Athletics vs San Francisco Giants on Tuesday
All times Eastern and accurate as of Tuesday, June 23, 2026, at 6:33 a.m.
Watch MLB all season long with Fubo
MLB regional blackout restrictions apply
MLB scores, results
MLB scores for June 23 games are available on usatoday.com . Here’s how to access today’s results:
See scores, results for all of today’s games.
San Francisco, CA
San Francisco home with a history of squatters hits the market for $1.3 million
An abandoned house near San Francisco’s Castro neighborhood that has been popular with squatters for years is now for sale.
On Yukon Street at the edge of Kite Hill in the Eureka Valley neighborhood, the house with arched windows over the garage, including one that’s broken, is listed for $1.3 million.
Listing agent Zara Rowbotham and her brother, James, put together a promotional video highlighting the home’s fixer-upper potential.
There is no running water or power at the house. Neighbors have reported to the city that squatters relieve themselves at the top floor atrium.
“They needed a place to do it, so they had the nice manners to do it in one basket,” Rowbotham said. “Unfortunately it was an outside basket right in front of one of the neighbors’ houses.”
With the nature of San Francisco’s red-hot housing market, Rowbothom said they already have a potential buyer.
Rowbothom added the city is swirling with money right now and there are few places to buy, so properties like the one on Yukon Street – even with a history of squatters – are being snapped up quickly. Rowbothom said they’re going for millions of dollars, with people paying cash a lot of the time.
San Francisco, CA
The U.S. Government Secretly Tested Biological Weapons. The Citizens of San Francisco Paid the Price.
Here’s what you’ll learn when you read this story:
- During the early decades of the Cold War, the U.S. government conducted 239 open-air germ warfare tests around the country to assess to dangers of a possible chemical attack on civilian populations.
- One of the most infamous, known as Operation Sea-Spray, purposefully pumped aerosols of the bacteria Serratia marcescens and Bacillus globigii—both believed to be harmless to humans—over the San Francisco Bay Area.
- While the operation itself was a success, it’s likely that the test resulted in the death of one man and the sickening of at least 10 others.
San Francisco is known for its fog. Sitting at the intersection of warm air flowing from California’s interior and cool air moving in from the Pacific, low-lying fog and clouds are a common sight. But in 1950, from September 20 until September 27, a different kind of cloud descended on the city of some 800,000 people—a cloud that had been purposefully released by the U.S. government as a secret bioweapons test.
No, this wasn’t some dastardly plan by the government to conduct a macabre experiment on its own citizens. Rather, it was a measure intended to safeguard against other rival nations trying to poison an American city. The government selected San Francisco for its ideal dispersal conditions, tall buildings, and large population, and to pull this off safely, the government relied on the bacteria Serratia marcescens and Bacillus globigii—both believed to be harmless to humans.
“They needed something that was, first of all, thought to be harmless,” Matthew Meselson, a molecular biologist from Harvard, told KQED last year, “because they certainly didn’t want to kill everybody in San Francisco or Oakland. And [they also needed something] that could easily be detected by simple methods.”
Since the Second Battle of Ypres during World War I, when the German army killed thousands of French Algerian colonial troops by unleashing chlorine gas on April 22, 1915, followed by a second gas attack on Canadian troops two days later, nations had been grappling with the threat of unconventional weapons. With its illusion of geographic imperviousness shattered by the attack on Pearl Harbor on December 7, 1941, the United States moved to address its own vulnerabilities. In 1942, President Franklin Roosevelt authorized the creation of the first U.S. biological weapons program. Part of the mission of this program was to determine just how vulnerable U.S. cities could be to a biological attack.
In 1948, the Committee on Biological Warfare—led by University of Wisconsin bacteriologist Ida Balwin—suggested simulating chemical attacks through air, water, and infrastructure (such as subway systems) with non-harmful organisms to understand the threat under real environmental conditions. So, two years later, the stage was set for Operation Sea-Spray, and the entire operation almost went without a hitch. Almost.
Serratia marcescens is found naturally in water and soils, and it’s known to be harmless to humans. But it isn’t typically sprayed in the air in large quantities, and unfortunately, one of those bacteria-filled clouds descended on Stanford University Hospital on Clay Street in San Francisco. There, eleven patients developed inexplicable Serratia marcescens infections. In the case of a 75-year-old Irish American named Edward Nevin, who was recovering from prostate surgery, the bacteria found its way to his heart, killing him. Doctors at the hospital were so puzzled that they even published a scientific paper regarding the infections in October of the following year.
President Richard Nixon ended U.S. research into bioweapons in 1969, and a treasure trove of information about that research was declassified in the 1970s. It revealed that the U.S. had performed 239 open-air germ warfare tests around the country, including in the subway in New York City, on the Pennsylvania turnpike, and in the national airport in Washington D.C. According to KQED, Edward Nevin III—the grandson of the man who died during the faux attack—read these reports and decided to sue the U.S. government, even though he accurately foresaw that he’d eventually lose.
“But we still had to tell the story,” he told KQED. “To have a citizen submitted to that kind of risk is awful.”
Darren lives in Portland, has a cat, and writes/edits about sci-fi and how our world works. You can find his previous stuff at Gizmodo and Paste if you look hard enough.
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