Saturday, January 27, 2007

Are Americans saving too much?

I am skeptical about this report. The only thing that tempers my skepticism is the realization that a lot of so-called conventional wisdom is just plan wrong. Plus, I have grown weary of the financial industry scamming people out of their money.

I have a theory that there are basically two groups of people in America right now. The first group is saving nothing for retirement and will be dependent upon others or the government. The second group is saving a lot (possibly too much if this economists are correct) and will have a comfortable retirement. As a result, the average savings rate is about zero now. I don't have any statistics or studies to back up my theory. Given the ridiculous nature of business articles in the Houston Chronicle, I could probably be a columnist.

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