Also on the Federal front, in response to “Americans continuing to put saving money at the bottom of their ‘to-do lists’,” Tennessee Rep. Jim Cooper is set to introduce legislation being referred to as the “Negative Options Savings Plan.”
Americans are saving only 0.1% of their disposable income, one of the lowest rates since the Dept. of Commerce began keeping records back in 1959. “That’s a recipe for future hardship,” Cooper is quoted as saying in the May 20th. Cincinnati Business Courier. “The old-fashion virtues of thrift and economy are gone,” Cooper said, “So if saving isn’t a concern and high debt loads are the norm, maybe it’s time to rethink the way the government encourages saving.
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