Interesting choice of words to frame the discussion. When it comes to cash, hoarding is no different than saving. But hoarding has a negative connotation and saving is positive.
It's because the money was already saved and is now expected to be spent (saving is delaying consumption until sometime in the future). So now that they aren't spending the savings, they are no longer in the process of 'saving'.
They're not "saving" so much as "not spending their savings."
Absolutely. Also hilarious to me when a bunch of economists start whining about "stingy consumers" when inflation numbers aren't ticking up as much as the central bank hoped for. Meanwhile over half of Americans don't have enough savings to cover a $500 emergency car repair[0], but apparently they need to stop being so stingy and get out spend more to help the economy.
That's a pretty willful misrepresentation of his position. He acknowledges that many people don't have any savings; and makes it pretty clear that he isn't talking about them.