Savings Deficit

I’m not sure if any of you had the pleasure of watching Pete Peterson on CNN this weekend (IOUSA), but his insights were quite astounding.

The special program on the United States federal debt and deficit included noted investor Warren Buffett, former Federal Reserve Chairmen Alan Greenspan and Paul Volcker, former U.S. Treasury Secretaries Paul O’Neill and Robert Rubin, Dave Walker, President and CEO of the Peter G. Peterson Foundation and former U.S. Comptroller General; Alice Rivlin, noted economist and former Director of the Office of Management and Budget; and Concord Coalition Executive Director Bob Bixby.

Peterson noted that overspending still dominates the lives of U.S. citizens. Americans save less than 1 percent, the lowest of any developed country. The Chinese save 35 percent of what they earn. Singapore, Chile and Australia, he notes, have mandatory savings – outside of government control.

He concludes that there should be stronger incentives to save, because without savings America has no future.

watch an abridged version here: IOUSA

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