Personal Savings?

OR PUBLIC DEBT AND SERVITUDE

 

 

bulletThe US is the only industrialized nation with a negative Personal Savings rate http://www.bea.doc.gov/bea/dn/pitbl.htm
bulletUS Personal Savings as a percent of disposable personal income declined from 26% in 1944 to a negative 0.4% in 2000
bulletThe net worth of the average American household is a NEGATIVE $77,000
bulletJapan has a 33% gross savings rate and a net worth in excess of $1 million per household

 

If there were a direct link between intelligence (as reflected in TIMSS math scores), and propensity to save, as there should be, then we would expect our savings rate to be 8% (rather than zero, or less), and South Africa's to be a negative 6% rather than a positive 1%.

So we as a nation have a lower personal savings rate than a nation whose IQ is estimated to be lower than 72!

Whew!

 

 

 

 

 

 

 

 

 

Country Savings 12th Grade TIMSS Score Savings Adjusted Amount of Adjustment
  % of GDP   % of GDP % of GDP
         
China 52% 647 52% 0%
Singapore 51% 643 51% 0%
Taiwan 44% 610 44% 0%
South Korea 37% 607 41% 4%
Japan 31% 605 40% 9%
Hong Kong 35% 588 37% 2%
Russia 32% 548 32% 0%
Switzerland 27% 547 31% 4%
France 21% 544 30% 9%
Thailand 36% 522 24% -12%
New Zealand 26% 508 24% -2%
Britain 15% 506 21% 6%
Canada 21% 499 21% 0%
Germany 23% 487 20% -3%
Italy 22% 480 19% -3%
Iran 30% 428 8% -22%
U.S. 0% 424 8% 8%
South Africa 1% 354 -5% -6%

 

 

 

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BEA spreadsheets

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The following is from Asia Week: http://www.cnn.com/ASIANOW/asiaweek/magazine/2000/1020/bottomline.html

Country
Exports
12 months

GDP
Growth

Per-cap.
GDP
(PPP)

Per-cap. GNP
(nominal)

Pop
(m)

Pop
Growth

Inflation
(CPI)

Curr. A/C
Balance

Reserves
excl. gold

Savings
% of GDP

People
per tel

Life
Expectancy

People
per Dr

Infant
Mortality
Taiwan -0.3% 6.3% $15,370 $13,130 21.8 1.0% $122b. $9.9b. $87.8b. 25% 2.1 75 903 4
Saudi Arabia 0.3% 2.4% $12,265 $7,150 19.6 4.3% $56.7b. $0.2b. $7.0b. 30% 8.5 70 698 29
Switzerland 0.4% 0.2% $26,315 $37,050 7.1 0.6% $97.1b. $19.8b. $34.2b. 27% 1.1 78 585 6
France 1.0% 2.3% $21,860 $24,040 58.7 0.6% $274b. $32.0b. $28.9b. 21% 1.5 77 320 6
New Zealand 1.1% 2.4% $18,250 $17,010 3.7 1.0% $14.2b. -$4.2b. $4.1b. 26% 1.4 77 321 7
Italy 1.4% 1.9% $20,545 $19,480 57.5 0.2% $251b. $40.1b. $51.1b. 22% 1.9 78 195 7
Canada 1.6% 3.7% $21,800 $18,900 30.3 1.3% $210b. -$2.2b. $22.3b. 21% 1.3 78 446 6
China 1.8% 8.0% $3,240 $655 1,232.1 1.2% $151b. $7.2b. $134.0b. 40% 22.4 71 1,034 31
Germany 1.9% 2.9% $20,864 $25,860 82.6 0.7% $521b. -$9.8b. $77.3b. 23% 1.8 76 333 6
U.S. 2.2% 3.5% $28,515 $28,480 269.2 1.0% $639b. -$158.7b. $55.6b. 15% 1.3 77 387 8
Malaysia 2.3% 8.4% $9,835 $4,466 21.7 2.4% $78.2b. -$5.2b. $21.1b. 41% 5.5 72 2,063 11
Singapore 2.3% 7.8% $24,610 $30,500 3.1 2.0% $125b. $14.2b. $80.4b. 51% 2.0 77 667 4
Japan 2.4% -0.3% $23,440 $33,090 126.1 0.3% $411b. $78.8b. $224.4b. 31% 1.5 80 545 4
Fiji 2.8% 4.4% $5,590 $2,535 0.8 1.5% $0.7b. $0.01b. $0.4b. 13% 8.9 72 2,080 20
Brunei 3.2% 3.0% $18,900 $20,400 0.3 3.2% $2.3b. $0.8b. $30.0b. 35% 3.8 75 1,133 8

Country

Exports
12 months

GDP
Growth

Per-cap.
GDP
(PPP)

Per-cap. GNP
(nominal)

Pop
(m)

Pop
Growth

Inflation
(CPI)

Curr. A/C
Balance

Reserves
excl. gold

Savings
% of GDP

People
per tel

Life
Expectancy

People
per Dr

Infant
Mortality
Maldives 3.5% 6.5% $2,485 $900 0.3 3.0% $0.1b. $0.01b. $0.1b. 11% 15.5 64 5,330 55
Vietnam 3.6% 9.5% $1,310 $270 76.9 2.3% $8.0b. -$2.9b. $0.6b. 16% 63.4 67 2,298 34
Britain 3.7% 3.5% $20,170 $20,860 58.6 0.3% $260b. $3.6b. $35.2b. 15% 1.9 76 581 6
Egypt 4.0% 5.1% $3,965 $1,140 61.1 2.2% $4.7b. -$0.2b. $18.4b. 7% 20.8 64 1,316 40
Macau 4.2% 3.9% $16,840 $17,475 0.5 3.8% $2.0b. $1.9b. $2.0b. 28% 2.5 73 758 6
South Korea 4.2% 6.3% $12,390 $10,730 45.9 0.9% $135b. -$18.6b. $30.4b. 37% 2.1 72 855 8
Brazil 4.3% 5.0% $5,675 $4,755 162.8 1.9% $51.1b. -$33.5b. $62.3b. 21% 10.0 67 847 50
Hong Kong 5.3% 6.4% $24,085 $24,455 6.5 2.1% $182b. $2.1b. $88.1b. 35% 1.5 79 772 4
P. N. Guinea 5.3% 2.3% $2,470 $1,249 4.3 2.3% $2.4b. $0.2b. $0.6b. 28% 49.0 57 12,500 53
Philippines 5.7% 5.7% $3,020 $1,265 71.8 2.3% $23.5b. -$3.5b. $10.3b. 16% 38.6 67 1,016 40
Bangladesh 6.1% 4.7% $1,450 $283 125.8 2.2% $3.8b. -$1.0b. $1.6b. 8% 380.0 57 12,500 85
Laos 6.2% 6.9% $1,670 $370 5.0 2.9% $0.3b. -$0.3b. $0.2b. 4% 181.5 52 4,381 91
India 6.6% 6.8% $1,500 $360 953.7 2.1% $35.9b. -$5.1b. $26.8b. 28% 77.6 61 2,165 75
Indonesia 7.0% 7.8% $4,140 $1,086 200.0 1.6% $52.8b. -$8.9b. $19.3b. 37% 47.7 63 6,786 50
Sri Lanka 7.2% 3.8% $3,415 $760 18.5 1.2% $4.3b. -$0.7b. $2.1b. 16% 72.9 72 5,888 14

Country

Exports
12 months

GDP
Growth

Per-cap.
GDP
(PPP)

Per-cap. GNP
(nominal)

Pop
(m)

Pop
Growth

Inflation
(CPI)

Curr. A/C
Balance

Reserves
excl. gold

Savings
% of GDP

People
per tel

Life
Expectancy

People
per Dr

Infant
Mortality
Thailand 7.2% 6.4% $8,165 $2,970 61.4 1.5% $56.9b. -$11.5b. $28.4b. 36% 13.5 69 4,361 26
South Africa 8.7% 2.3% $4,065 $2,928 43.1 2.2% $30.8b. -$1.2b. $4.8b. 19% 6.9 64 1,750 51
Bhutan 9.0% 6.4% $1,475 $420 0.7 2.3% $0.1b. -$0.05b. $0.2b. 36% 115.2 52 4,255 122
Nepal 9.1% 6.1% $1,165 $210 22.1 2.3% $0.4b. -$0.3b. $0.6b. 11% 174.0 55 12,612 81
Pakistan 12.5% 3.1% $2,340 $465 137.4 2.9% $8.6b. -$4.2b. $1.2b. 12% 56.1 62 2,000 88
Russia 12.9% 0.2% $4,355 $2,965 149.8 0.4% $88.7b. $11.1b. $20.4b. 32% 5.9 68 220 20
Afghanistan 14.0% 6.0% $720 $150 21.2 1.9% $0.2b. -$0.1b. $0.2b. 10% 390.0 45 7,358 164
Cambodia 14.9% 6.0% $1,266 $270 10.3 2.5% $0.6b. -$0.3b. $0.3b. 6% 1,212.0 53 9,523 110
Kenya 18.0% 4.6% $1,377 $293 30.3 3.4% $1.9b. -$0.4b. $0.7b. 21% 62.7 59 9,851 50
Iran 18.1% 4.2% $5,570 $2,320 62.9 3.4% $18.3b. $3.2b. $5.0b. 30% 13.2 68 3,140 35
Mexico 18.9% 8.8% $6,780 $3,600 93.9 1.9% $104b. -$4.0b. $25.8b. 19% 7.6 71 578 26
Nigeria 22.2% 2.1% $1,480 $340 104.4 2.9% $13.5b. -$1.9b. $4.1b. 20% 260.5 53 5,882 84
Myanmar 25.7% 6.0% $753 $765 48.3 2.1% $1.0b. -$0.3b. $0.2b. 11% 265.5 59 12,500 79
Mongolia 57.5% 2.6% $2,185 $335 2.5 2.7% $0.4b. -$0.06b. $0.1b. 14% 26.7 64 364 57
Turkey 89.9% 6.7% $6,020 $2,800 64.0 2.1% $32.3b. -$5.0b. $17.8b. 20% 4.6 67 955 62

These figures are the latest available from national and multilateral sources (telephone data from Int. Telecom. Union). Population growth is the percentage increase in one year and includes births, deaths, emigration and immigration. Though standards may differ, literacy generally means the ability to read and write a short, simple statement about everyday life. Literacy rates refer to the population over fifteen years of age (ten for Singapore). Gross Domestic Product (GDP) is the value of all goods and services produced in one year. Purchasing-Power Parity (PPP) takes into account price differences between countries to provide a more accurate picture of national wealth. GDP growth is adjusted for inflation. Gross National Product (GNP) is GDP plus payments from abroad from investments, labor and minus similar payments to foreigners. Per-capita GNP is converted to U.S. dollars using average exchange rates. Net creditor.

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The following page was removed from the Bureau of Economic Analysis web site on June 4, 2001 and does not appear anywhere else on the public government web sites.

This copy was retreived from http://web.archive.org/web/20010604202816/http://www.bea.doc.gov/bea/dn/saverate.htm on October 13, 2002

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Bureau of Economic Analysis

Personal Saving Rate

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Annual personal saving as percentage of disposable personal income

===============================================================================================

 1929-33  :       4.7        4.3        4.0       -0.8       -1.5
 1934-38  :       1.2        4.4        6.4        6.2        2.2
 1939-43  :       4.7        5.9       12.4       24.4       25.8
 1944-48  :      26.3       20.6       10.1        4.7        7.3
 1949-53  :       5.2        7.2        8.5        8.5        8.2
 1954-58  :       7.5        6.9        8.4        8.4        8.5
 1959-63  :       7.6        7.2        8.3        8.3        7.8
 1964-68  :       8.8        8.6        8.3        9.4        8.4
 1969-73  :       7.8        9.4       10.0        8.9       10.5
 1974-78  :      10.7       10.6        9.4        8.7        9.0
 1979-83  :       9.2       10.2       10.8       10.9        8.8
 1984-88  :      10.6        9.2        8.2        7.3        7.8
 1989-93  :       7.5        7.8        8.3        8.7        7.1
 1994-98  :       6.1        5.6        4.8        4.2        4.2
 1999-00  :       2.2       -0.1


    

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Monthly and annual personal saving as a percentage of disposable personal income

===============================================================================================
       JAN    FEB    MAR     APR    MAY    JUN    JUL    AUG    SEP    OCT    NOV    DEC   ANN.
1959:  8.3    7.7    7.5     8.4    7.9    7.9    7.9    6.8    5.9    6.6    7.3    8.3   7.6
1960:  8.3    7.8    6.6     5.5    7.5    7.6    7.4    7.4    7.1    7.0    6.9    7.5   7.2
1961:  8.1    8.2    7.4     7.5    7.7    8.5    9.1    8.8    8.4    8.8    8.8    8.7   8.3
1962:  8.2    8.7    8.6     8.7    8.1    8.7    8.8    8.6    7.6    8.3    7.5    7.3   8.3
1963:  7.9    7.7    7.6     7.6    7.9    7.6    7.2    7.2    8.1    8.7    8.2    7.8   7.8
1964:  7.9    7.5    9.3     9.5    8.7    8.6    8.3    8.3    9.0    8.5    9.8    9.7   8.8
1965:  9.2    7.7    7.7     7.2    8.3    9.1    9.0    8.8    9.8    8.1    8.8    8.9   8.6
1966:  8.4    8.1    7.6     7.3    8.2    8.4    8.0    8.4    8.1    8.8    9.0    8.7   8.3
1967:  9.2    9.6    9.9     8.9    9.1    8.9    9.7    9.7    8.9    9.7    9.6    9.3   9.4
1968:  8.9    9.4    8.8     9.5    9.2    8.8    7.8    7.6    7.6    7.8    7.6    8.1   8.4
1969:  7.2    6.5    7.1     6.6    7.0    7.9    8.7    8.4    8.5    8.3    8.5    8.6   7.8
1970:  8.3    8.1    8.8    10.4    9.3    8.7   10.0   10.0    9.7    9.8   10.2    9.7   9.4
1971: 10.0    9.8   10.1     9.8   10.2   11.3   10.3   10.3    9.6    9.6    9.4    9.5  10.0
1972:  9.1    9.4    8.2     8.2    8.5    7.3    8.3    8.7    8.8    9.4   10.0   10.2   8.9
1973:  9.1    9.4    9.7    10.0   10.2   10.6   10.2   11.0   10.2   11.5   11.5   12.0  10.5
1974: 11.6   11.4   10.7    10.2   10.1   10.3   10.6    9.5   10.3   10.8   11.2   11.3  10.7
1975: 10.4    9.5    9.7    11.3   14.6   11.4    9.7   10.1   10.2   10.7   10.0    9.3  10.6
1976:  9.2    9.9    9.8     9.4   10.1    9.2    9.6    9.6    9.3    8.9    9.3    8.5   9.4
1977:  8.9    7.6    8.8     8.5    8.3    8.7    8.6    9.0    9.2    8.9    9.1    9.2   8.7
1978:  9.9    9.1    9.1     9.0    8.6    8.2    9.2    8.7    9.0    9.2    9.1    9.0   9.0
1979:  9.5    9.3    9.5     9.4    9.2    8.9    9.6    8.7    8.3    9.0    9.1    9.5   9.2
1980:  9.6    9.9   10.0    10.4   10.3   10.0   10.0    9.9   10.3   10.2   10.8   10.8  10.2
1981: 10.5   10.3   10.1     9.8    9.9    9.7   11.3   11.1   11.4   12.1   12.2   11.4  10.8
1982: 11.5   11.0   11.2    11.9   11.4   11.2   11.5   11.4   10.5   10.1    9.7    9.5  10.9
1983:  9.7    9.8    9.2     8.7    8.5    7.8    8.6    8.2    8.8    8.7    9.1    8.8   8.8
1984:  8.7   10.6   10.5    10.6   10.3   10.3   11.1   11.5   11.5   11.0   10.3   10.9  10.6
1985: 10.4    9.2    8.8    10.1   11.1    9.6    9.1    8.3    7.1    9.1    8.7    8.4   9.2
1986:  8.4    9.1    9.7     9.2    8.8    8.9    8.6    8.3    6.4    7.5    7.7    6.0   8.2
1987:  8.8    7.8    7.9     3.7    7.5    7.1    7.0    6.7    7.2    7.8    8.0    8.1   7.3
1988:  7.5    8.0    7.6     8.0    7.6    7.7    7.9    7.7    8.1    7.7    7.7    7.9   7.8
1989:  8.0    8.3    8.7     7.8    7.5    7.7    7.5    6.7    6.8    6.9    7.5    6.9   7.5
1990:  7.3    8.1    7.8     8.1    7.9    7.8    8.0    7.5    7.6    7.5    7.6    8.2   7.8
1991:  8.7    8.4    7.7     8.2    8.0    8.5    8.0    8.2    8.4    8.5    8.2    8.9   8.3
1992:  8.5    8.9    8.8     9.0    8.9    8.8    8.5    8.7    7.9    8.1    8.0   10.2   8.7
1993:  7.1    6.9    7.2     7.7    7.8    7.2    6.7    6.9    6.5    6.3    6.3    8.7   7.1
1994:  5.5    5.3    5.6     5.5    6.8    6.3    6.4    6.0    6.3    6.6    6.3    6.6   6.1
1995:  6.4    6.7    6.3     5.5    5.6    5.1    5.6    4.8    5.3    5.6    5.2    4.8   5.6
1996:  5.1    5.0    5.1     3.7    4.6    5.2    5.0    4.9    5.1    4.6    4.7    4.6   4.8
1997:  4.1    4.2    4.4     4.4    4.8    4.5    3.7    4.0    4.1    4.2    4.3    4.2   4.2
1998:  4.6    4.6    4.6     4.7    4.2    4.0    4.3    4.2    3.9    3.8    4.3    3.3   4.2
1999:  3.5    3.2    2.7     2.5    2.5    2.5    2.1    2.1    1.3    2.0    1.8    0.7   2.2
2000:  0.6   -0.1    0.1     0.3    0.3    0.3   -0.2   -0.4    0.0   -0.6   -0.8   -0.7  -0.1
2001: -1.3   -0.8   -0.6    -0.7

 
note: monthly personal saving as percentage of disposable personal income is
 available beginning with 1959

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