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Start Saving or Get Ready for U.S. Decline: Laurence Kotlikoff

Dec. 30 (Bloomberg) -- America has a terrible saving problem and a slumping economy. But our national mantra, underscored by last week’s payroll-tax cut, is spend, spend, spend.

Yet, countries can’t spend their way to prosperity. This demand-side voodoo-economics approach is driving us further into hock. The right mantra should be save, save, save.