Reason Magazine: "Americans Are Saving More...As if Things Weren'tBad Enough"

Yes, the headline is tongue-in-cheek.

http://www.reason.com/blog/show/131449.html

By Jacob Sullum.

First paragraph:

"In November I noted how the recession has turned standard economic
wisdom on its head, so that formerly good things, such as frugality,
are bemoaned, while formerly bad things, such as unconstrained
borrowing and spending, are recalled with nostalgia. The New York
Times has a good example today, treating an increased saving rate as
bad news.....

(snip)

........Not until the 11th paragraph are we obliquely reminded that
economists used to complain about how terrible Americans were at
saving money, preferring instant gratification even when they couldn't
afford it, thereby reducing the availability of capital so that the
U.S. economy (and government) became dangerously dependent on foreign
investors....."

And here's his November article:

http://www.reason.com/news/show/130142.html


BTW, Sullum is the author of "Saying Yes." From the back cover:

"Jacob Sullum has produced a thoughtful, sane, and logical analysis of
our drug laws. Is that even LEGAL?"
-- Dave Barry.

"I've never used a recreational drug (or even had a sip of alcohol) in
my life, but Jacob Sullum makes a great case to stop the drug wars. He
exposes the tricks of the drug warriors, who scam the crowd with
huckster patter about magical substances that force people to do
evil."
- Penn Jillette, the larger, louder half of Penn & Teller

http://www.amazon.com/exec/obidos/tg...asonmagazineA/


Lenona.

wrote:
Yes, the headline is tongue-in-cheek.

http://www.reason.com/blog/show/131449.html

By Jacob Sullum.

First paragraph:

"In November I noted how the recession has turned standard economic
wisdom on its head, so that formerly good things, such as frugality,
are bemoaned, while formerly bad things, such as unconstrained
borrowing and spending, are recalled with nostalgia. The New York
Times has a good example today, treating an increased saving rate as
bad news.....

(snip)

.......Not until the 11th paragraph are we obliquely reminded that
economists used to complain about how terrible Americans were at
saving money, preferring instant gratification even when they couldn't
afford it, thereby reducing the availability of capital so that the U.S.
economy (and government) became dangerously dependent on foreign investors....."

Thats always been a mindless lie. The US home ownership rate was at
historic highs, and thats the saving all those had, the equity in their homes.

And here's his November article:

http://www.reason.com/news/show/130142.html

BTW, Sullum is the author of "Saying Yes." From the back cover:

"Jacob Sullum has produced a thoughtful, sane, and logical analysis of
our drug laws. Is that even LEGAL?"
-- Dave Barry.

"I've never used a recreational drug (or even had a sip of alcohol) in my life,

Bet thats a lie and he has used caffiene.

but Jacob Sullum makes a great case to stop the drug wars.
He exposes the tricks of the drug warriors, who scam the crowd with
huckster patter about magical substances that force people to do evil."
- Penn Jillette, the larger, louder half of Penn & Teller

http://www.amazon.com/exec/obidos/tg...asonmagazineA/