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Why the US Saving Rate is Low — A Conflict between the National Accountant’s and the Individual Saver’s Perceptions

In: International Monetary Problems and Supply-Side Economics

Author

Listed:
  • Tibor Scitovsky

Abstract

America’s economic troubles are blamed on many causes, among them on the improvidence of the general public. Americans are accused of being spendthrifts and of having become more so in these difficult stagflationary years when, so the argument runs, saving is desperately needed to make possible investment and the rise in productivity, which hinges on investment. The accusation is based on statistical evidence, which indeed shows that personal saving as a proportion of disposable personal income in the United States has fallen to its lowest level in 30 years during the late 1970s and has been for a long time quite a bit lower than it is in most Western European countries. During the 1960–78 period, for example, the US saving rate averaged 6.9 per cent, which is just about the same as Sweden’s 6.8 per cent average for the corresponding period and Great Britain’s 6.9 per cent; but significantly lower than Western Germany’s 11.9 per cent, France’s 13.2 per cent, and the Netherland’s 14.7 per cent average.

Suggested Citation

  • Tibor Scitovsky, 1986. "Why the US Saving Rate is Low — A Conflict between the National Accountant’s and the Individual Saver’s Perceptions," Palgrave Macmillan Books, in: Jon S. Cohen & G. C. Harcourt (ed.), International Monetary Problems and Supply-Side Economics, chapter 7, pages 125-134, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18392-0_7
    DOI: 10.1007/978-1-349-18392-0_7
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