Moral Outrage
Whew! God help us!

American Spenders and Asian Savers

With President Obama in Asia, some reflections from the book EMPIRE OF DEBT, written by William Bonner and Addison Wiggin:

Americans have routinely consumed more than they earn.[Even back in 2005, for every $19 Americans earned, they spent $20.] The difference is made up by the kindness of strangers–thrifty Asians whose savings glut is recycled into granite countertops and flat-screen TVs all over the United States.

There are three billion people in Asia. And almost every one of them is willing to work for a fraction of the average American wage. Not only that, they tend to save their money, rather than spend it.

The savings rate in China, for example, is said to be nearly 25 percent. In America, it is near zero.

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