This chart should give chills to anyone hoping that Americans will stop saving and start spending again. For one thing, we’re way below the personal savings rate we saw in the early 70s, let alone the savings rate in the pre-Greenspan era. Plus, as David Goldman points out, demographics isn’t on our side. With the recent wealth shock and the ageing population, there are a lot of folks eager to hold on to every last dollar they’ve got.
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