America's low savings rate

[Lawrence]

> Another soundbite one-liner calculated to scare that often goes with the
> factoid about the low savings rate would be, "Americans don't save because
> we spend every penny we get...regardless of income!" That is, if you're
> low-income, okay, you have nothing left over to save, but even those
making
> good money CHOOSE TO BLOW ALL THEIR PAYCHECKS AT THE MALL!

Put it this way. In Japan, the middle quintile of income (those at 40% to
60%) saves 15% of its income each year. In America, only the wealthiest
quintile saves that much.

I'm wondering why?