James Pethokoukis quotes Ed Yardeni:
We are told: Americans must save more. Maybe so but that won’t be good for our economy. I’ve heard some observers casually claim that the personal saving rate must go back to 8%. If it did that during the fourth quarter of last year, real GDP would have been down by 17.9% instead of 3.8%.
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2009/02/lord-make-us-thrifty-but-not-yet/205501/
