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What is the best option: Save or spend?

Screenshot from Fox Business on Youtube 66M Americans have no emergency savings
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Recently, survey results suggested that Americans spend more than they make. Furthermore, the same survey revealed that Savings rate Trembles back to Near record lows. In addition, the results suggested that While US personal incomes grew at 0.3% Month-over-month (MoM), Americans resumed spending fare more than they make (Increasing 0.6% MoM).

Some financial analysts and personal finance experts believe that Americans should save a portion of their money for the rainy days. Whereas, others argue that Americans should continue to spend at the current level as it will move the wheel of the economy, whereas, saving money will have no economic benefits.

This scenario fueled a new life to one of the longest debate in history about whether to Spend all or save for the rainy days?

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