There is still 1.8T sitting in banks (based on reverse repo rate) with absolutely no purpose. It will be interesting to see what happens to this money.
1.8T with a population of 329.5m is about $5,462 per person in the US. Even if you halve the number of people, ~$11k per person seems like a low number - I’m probably not understanding the numbers correctly?
You do need some cash for a rainy day, emergency expenses, unexpected travel etc.
Yes, you ought to be able to afford to cover small emergencies. But unfortunately it seems that many Americans cannot. For instance, "Survey finds more than half of Americans can’t afford a $1,000 emergency", https://thehill.com/changing-america/respect/poverty/590453-...
You do need some cash for a rainy day, emergency expenses, unexpected travel etc.