On the left-hand side we show total assets and liabilities of U.S. households. Consumer balance sheets held up remarkably during the pandemic thanks to massive fiscal support that was geared towards the lower end of the income spectrum. On the top right, we show the household debt service ratio, which is the percent of after-tax income used to make payments on mortgages and other consumer debt. Despite greater spending from the pandemic re-opening, debt coss still near near its their 40-year low. On the bottom right, we show the flow of personal savings, which is calculated as disposable personal income less consumer outlays. The pandemic saw a huge surge in savings relative to its pre-pandemic trend, and we estimate that consumers have saved $2.3tn during this time. While consumers might be savings less today, they still accumulated this huge buffer during the pandemic.