America's low savings rate

[Lawrence]

> My impression is, much of the bluster over the savings rate is pretty
> reactionary; it's a way of scapegoating working folks for the problems
> Wall Street neoliberalism has created, and of forestalling uncomfortable
> questions about the unimaginable wealth of our ruling elites, and their
> noxious habit of irresponsibly gambling that wealth on one manic
> speculative bubble after another (yesterday S & Ls and Japanese real
> estate, today dot.coms, tomorrow Eurobonds).

And yet, America's savings rate was at its highest back during the post war
boom, yes? And, of course, during WWII. This was a period of strong unions
and fairly progressive governments. I have the impression, from what I've
read of land reform in Asia after WWII and of the Homestead Act in America,
that most progressive policies seem to increase the savings rate. So to say
that it is a reactionary concern seems backwards. Since Reagan's election
it's been the right-wingers who've been telling us to trust in free trade,
the trade deficit poses no problem, everything is fine. It's been the
Democrats that have seemed the most worried about the savings rate.