Why Don't Americans Save Money?

Kai Pfaffenbach / Reuters It is a myth that Americans cannot save. For decades, they did. When personal-finance columnists explain America's poor saving habits, they sometimes start with the aspects of the human mind that make it challenging to plan for the future. Behavioral psychology is a useful scapegoat for many foibles. But the decline in savings is recent, and the human brain hasn't evolved since the Ford administration. The bottom 90 percent of households saved 10 percent of their income in the first Reagan administration. By 2006, their savings rate was nearly negative-10 percent.......(read more)

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