Let's Cheer as More People Save Money

July 9, 2009 9:00PM

Tori Stewart – Nashville (from USA Today) Why do some in Washington view news that we now have the highest household savings rate in 15 years with more than just a twinge of disappointment (“May incomes surge, but savings outpace spending,”, Friday)? Less spending might slow the economic recovery, but these numbers show that Americans have the guts and the common sense that will ultimately enable them to ride out hard times. Savings mean two things: Households are making wise decisions about their future, and Americans haven’t lost faith in the banking system. Going from a nearly non-existent savings rate of a few years ago to nearly 7% of disposable income in savings today shows that households are stabilizing their standard of living and cushioning themselves against economic surprises. Let’s greet these numbers with enthusiasm. Tori Stewart is a student at Bryan College and a Koch