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Improving Savings Incentives for the Poor

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Abstract:

Americans have been saving less and less of their after-tax income for the past 15 years. The annual personal savings rate averaged 8 percent from 1929 to 2000, but reached a historical low of 0.4 percent in 2005. With the onset of the 2008-2009 recession, however, the savings rate rose again to more than 6 percent.