I love the word "canard"
John Tamny on the Savings Rate on NRO Financial
To begin with, 401(k) accounts have become highly popular investment vehicles for Americans over the last 20 years. Since 401(k) deposits come out of pre-tax income, the significant savings built up within those accounts would not factor into government calculations of money saved over outlays.So let's all sell our homes, drain our 401Ks and put the money in 1% interest-bearing savings account.
As for home ownership, mortgage payments are not deducted from pre-tax income, and often are paid out of disposable income. While no one would deny that home ownership is a form of saving, Commerce Department math would put money used to pay down a mortgage into the same basket as money used for everyday consumption
Despite all of the above evidence suggesting a strong culture of saving in the U.S., it can be expected that the "Americans as bad savers" canard will continue to be thrown out by the major media