Whatever Happened to Thrift?: Why Americans Don’t Save and What to Do about It: Ronald T. Wilcox
Editorial Reviews
From Publishers Weekly
It’s a much bemoaned fact that Americans who fail to sock money away in savings accounts and investments risk severe hardship once they hit retirement age or fall on tough times. What’s far less obvious is how to turn these overspenders into savers. Wilcox draws insights from economics and psychology to tackle this challenge in his slim but sensible volume. His analysis of our prodigal ways is slight—a historian or cultural critic might have handled this question with more depth and aplomb—but his policy prescriptions are comprehensive, insightful and well argued. Wilcox explores radical measures, such as replacing the income tax with a consumption tax, as well as simple and easily implemented programs such as automatic enrollment in 401(k) plans and requiring more fee disclosure from investment firms. He observes that current incentives skew toward the wealthy and highlights ways to give lower-income Americans access to savings vehicles like mutual funds. As Wilcox wisely notes, there’s no magic bullet for America’s savings crisis, but a patchwork of practical solutions, small and large, could significantly increase workers’ long-term financial security. (June)
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Review
“With vivid examples from everyday experience, Ronald Wilcox pulls together the best thinking from economics, finance, psychology, and policy analysis on how we can return our nation and ourselves to the path of saving.”-J. Mark Iwry, Nonresident Senior Fellow, The Brookings Institution and Research Professor, Georgetown University (J. Mark Iwry 20080601)
“Savings is the engine that powers people’s future. Unfortunately, Americans don’t do enough of it. This book captures the essence of the problem and quickly turns to the opportunity for individuals and business leaders to take steps that can make the future brighter for all of us.”-Michael D. Fraizer, CEO, Genworth Financial (Michael D. Fraizer 20080605)
“Failure to prepare for retirement is directly related to overspending and low savings rates, says Ronald Wilcox. . . . He suggests the failure of profligate North American Baby Boomers to save means they will eventually pressure governments to introduce ”measures that transfer wealth from the people who have saved responsibly to those who have not.””-Jonathan Chevreau, Financial Post (Jonathan Chevreau Financial Post 20080728)
“A surprisingly witty guide to a gloomy subject: the complete inability of the world’’s richest nation to save.”-Pat Regnier, Money Magazine (Pat Regnier Money Magazine )
“Mr. Wilcox has an enviably lively prose style and an admirable commitment to brevity. . . . Much of what he says is both correct and valuable. A conscientious reader could easily secure a comfortable retirement by taking his advice to heart.”-Steven E. Landsburg, Wall Street Journal (Steven E. Landsburg Wall Street Journal )
“There is much in Whatever Happened to Thrift? worth thinking about-interesting stuff, and sufficiently well written to be accessible to any reader.”-Irwin M. Stelzer, Weekly Standard (Irwin M. Stelzer Weekly Standard )
