A special report on America's economy: Look after the cents  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8676 (Apr. 2010), page 46+6.
Topik: Americans; Economy; Saving
Fulltext: Look after the cents.pdf (555.18KB)

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IN 1867 Horace Greeley, a legendary American newspaper editor, described his compatriots thus: “We are energetic, we are audacious; we are confident in our own capacities and in our national destiny; but we are not a systematic, a frugal, economical people.” The global imbalances that led to the financial crisis are often blamed on Americans’ high-living optimism. The crisis has brought about a “new creed of thrift”, as the Pew Research Centre, a polling organisation, put it in April 2009. From the early 1970s to 2006 the proportion of Americans who considered air conditioning or dishwashers a “necessity” rose steadily, but in 2009 it dropped sharply, Pew found. Between 1950 and 1980 personal saving averaged 9% of disposable income. By 2007 it had dropped below 2%, but last year it went up to 4%.

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