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The USA economy is flush with cash savings, and anything where it's plausible to invest to (i.e buying capital goods) either has been invested or is being invested. It's just that it's not the general population who are doing this; the savings are held by corporations (as a proxy for the few ultra-rich individuals) and accumulating because there's not much to invest in.

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Re: "not much to invest in." - In the factory era, investing in new or better factories or stores was the usual use of excess cash. But most new industries are labor intensive, not asset-intensive. You can invest in start-ups, but many argue there are already too many questionable startups floating around, not unlike 1999.

That is presently true but it doesn't have to be. A Silicon Valley business could start paying millions of people to perform tasks for it - like babysitting a semi-self driving car.

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