Monday, January 3, 2011

The Numbers on Savings

From Peter Dag & Friends, an excerpt blindly attributed to the Wall Street Journal:

According to the most recent survey by the Employee Benefits Research Institute, a think tank specializing in the topic, fewer than half of workers have even saved $25,000, and only a third have saved as much as $50,000. Forty-four percent have saved less than $10,000, and a quarter have basically saved nothing at all.

I'm thinkin' about all those guys on the internet who curse the Fed for inflating away the value of their savings... My guess? Most of those guys don't even have savings.

Most of us have the other thing: debt.

That's how concentration of income works: Fewer people have enough income to save very much. And more of us are debtors.

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