Wow! Just read an article that states that according to OECD statistics for 2007, America only saves 0.4% of disposable income, compared to Germany's 10.9 percent and Japan's 3.1%
0.4%?? That's like non-existent savings. Before 2000, their savings have been an average of 9%. No wonder America has been considered a nation of spenders. I think the current crisis in America would have hit them quite hard, as there is no buffer for any kind of crisis.
It would be good for the Americans to reach about 9-10% level of savings again. 0.4% is extremely unhealthy.
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