Lord, Make Us Thrifty. But Not Yet.

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%.