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Do Seniors Need Saving? Or the 'Paradox of Thrift'
The Washington Post; subscription may be required 
[Opinion] Nov. 1, 2005
Excerpt: John Maynard Keynes famously wrote about the 'paradox of thrift,' explaining how excessive saving can drive an economy into depression. But today we face a paradox of non-thrift: Crazy Americans saved back in 1950, when male life expectancy was 66 years and China was walled off by Mao, but they don't save now even though life expectancy is 75 and China is a fierce competitor. Why has saving collapsed just when the reasons to save have gotten stronger?
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