>
> 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.
And what does Japan have to show for all this wonderful thrift? Although it seems commonsensical that saving would drive economic growth in some direct way (a la endogenous growth theory), it has not proven to be the case, especially in Japan. Nor, it would seem, in the US.
Christian