On Feb 6, 2007, at 9:47 AM, Jim Devine wrote:
the phrase "outbreak of prudence" is a bit off. at the lower levels of income, low saving rates result from the pressure of needs and social obligations on income more than from a lack of prudence.
Oh really? I didn't know that. The decline in the savings rate has mostly happened above the median, probably considerably above. Since they have about 80% of total income, that's really not surprising. The top quartile has about 60% of income. That's where the presence or absence of prudence is an issue. Doug
