Longtime Brookings economist and former presidential adviser Barry Bosworth examines why saving rates in the United States have fallen so precipitously over the past quarter century, why the initial consequences were surprisingly benign, and how reduced saving will affect the future well-being of Americans.
The Decline in Saving provides an extensive and unparalleled account of the complexity of present saving patterns, an issue made even more serious by the 200809 global economic and financial crises. It objectively examines saving at both the individual household and the aggregate economy levels to understand whether the U.S. decline in saving is truly a threat to American prosperity.
Highlights from The Decline in Saving:
The magnitude of the two-decade-long fall in household saving has been truly astonishing; it is even more surprising in view of the fact that the large cohort of baby boomers should have been in their peak saving years.
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