Before anything else, we need to remember that average, which the USA Today article uses, is not median. Average deposits rising does not mean the average American is saving more. More likely is that the wealthy are hoarding more money because they have so much more of it than ever before and because they don’t need to buy consumer goods.
Before we chastise working Americans for “hoarding” cash, we should look first to the millionaires, who hoard orders of magnitude more cash, and that often in offshore accounts. Blaming regular people for their drop in the bucket displays an incredible lack of understanding of who is making the money and where it is going.