Jacob Sullum sighs:
…economists used to complain about how terrible Americans were at saving money, preferring instant gratification even when they couldn’t afford it, thereby reducing the availability of capital so that the U.S. economy (and government) became dangerously dependent on foreign investors. Ian Shepherdson of High Frequency Economics says the "rise in the saving rate, now at 3.6 percent compared to 0.8 percent in August, is good news in the long run but the key source of pain right now" (emphasis added). Isn’t saving always a source of pain (or less pleasure) in the present, for the sake of greater returns in the future?
The Dish 