Whatever Happened to Thrift or The Great Lakes Water Wars

Whatever Happened to Thrift?: Why Americans Don't Save and What to Do about It

Author: Ronald T Wilcox

It is no secret that Americans save very little: every economic index confirms as much. But to solve the real mystery, we must ask the questions, “Why?” “What are the effects on our economy?” and “What can be done about it?”

 

In this thoroughly researched and thought-provoking book, Ronald T. Wilcox clearly describes not only how the “savings crisis” adversely influences personal lifestyles over the long term but also how it can undermine our national wealth and standard of living. Wilcox cogently explains that savings are essential to fuel our nation’s economic growth, whether it’s putting money in the bank or in the form of direct loans to the government as savings bonds, for example. And, he presents unambiguous facts showing that a high proportion of current wage earners simply will not have enough money for self-support during retirement—and that the government safety nets for income and health can no longer be counted on. Most important, Wilcox examines the many rational and irrational reasons behind individuals’ failures to put money away, what third parties such as corporations and government can do to help, and the steps people can take today to help themselves.

 

The book is an attempt to reinvent thrift in the United States, to find practical ways to help people consume less and save more now so that we can be a richer people in the future and a more prosperous nation. It is a must-read for every corporate executive, policy maker, and concerned citizen.

Publishers Weekly

It's a much bemoaned fact that Americans who fail to sock money away in savings accounts and investments risk severe hardship once they hit retirement age or fall on tough times. What's far less obvious is how to turn these overspenders into savers. Wilcox draws insights from economics and psychology to tackle this challenge in his slim but sensible volume. His analysis of our prodigal ways is slight-a historian or cultural critic might have handled this question with more depth and aplomb-but his policy prescriptions are comprehensive, insightful and well argued. Wilcox explores radical measures, such as replacing the income tax with a consumption tax, as well as simple and easily implemented programs such as automatic enrollment in 401(k) plans and requiring more fee disclosure from investment firms. He observes that current incentives skew toward the wealthy and highlights ways to give lower-income Americans access to savings vehicles like mutual funds. As Wilcox wisely notes, there's no magic bullet for America's savings crisis, but a patchwork of practical solutions, small and large, could significantly increase workers' long-term financial security. (June)

Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Table of Contents:

Acknowledgments     ix
Do Americans Save Too Little?     1
Why Americans Don't Save Enough     17
The Psychology of Money     46
Public Policies That Will Increase Savings     70
A CEO's Guide to Increasing Employee Savings     105
A Household Guide to Saving     125
Notes     137
Bibliography     147
Index     155

Books about: Brunch or Rum 1000

The Great Lakes Water Wars

Author: Peter Annin

The Great Lakes are the largest collection of fresh surface water on earth, and more than 40 million Americans and Canadians live in their basin. Will we divert water from the Great Lakes, causing them to end up like Central Asia's Aral Sea, which has lost 90 percent of its surface area and 75 percent of its volume since 1960? Or will we come to see that unregulated water withdrawals are ultimately catastrophic? Peter Annin writes a fast-paced account of the people and stories behind these battles. Destined to be the definitive story for the general public as well as policymakers, The Great Lakes Water Wars is a balanced, comprehensive look behind the scenes at the conflicts and compromises that are the past, and future, of this globally significant resource.