The Business Insider is out with a chart showing that almost half of all Americans (47 %) save nothing and live paycheck to paycheck in response to decades of government policies that punish savers.
Chief among the government’s anti-saver policies is the Federal Reserve system, which has set interest rates artificially low for more than two decades. In the absence of such a system, banks would pay a decent (“natural”) rate of interest for holding people’s money. Instead, anyone who saves money in any modern American financial institution is an utter fool.
Secondarily, the U.S. government’s “Social Security” and Medicare scams incentivize people to change their natural behavior. In response to the elusive (and unsecured) promise of Social Security, Americans SAVE LESS, INVEST LESS, WORK FEWER YEARS, WORK LESS SAFE, AND RETIRE EARLIER.
If the U.S. had never imposed Social Security on American workers, the GDP of the country would be much higher, and American prosperity would be much greater. Americans would have probably cured cancer and other dreaded diseases, and would have built additional institutions to secure their comfort and happiness.