Three Cheers for the Cheapskate
Higher gas and fuel prices are making it harder for Americans to do something they're not too keen on anyway—saving for the future. Even before the recent economic slowdown and spike in commodity prices squeezed household budgets, Americans were spending too much by many measures. The national savings rate has hovered just above 0% in recent years, even as a generation of baby boomers quickly approach retirement. The rate was more than 10% as recently as the 1980s.
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