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Since the old, who have shorter time horizons, have larger propensities to consume than do the young, this transfer has fueled a huge increase in personal consumption, reducing our national saving rate (saving as a share of national income) from 10 to 15% in the 1950s and 60s to a negative 1.5% last year.
FORBES: Magazine Article
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To understand why, one needs to focus on an accounting relationship: by definition, the sum of net private-sector saving (saving less investment) and public-sector saving (the budget balance) must be equal to a country's current-account balance.
ECONOMIST: Governments have resumed their profligate habits
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Borrowing an abbreviation from restaurants without a liquor license where Bring Your Own Bottle (BYOB) is a route to saving on the drinks bill, the move has been christened Bring Your Own Device (BYOD), of course, in the abbreviation-plagued tech world.
FORBES: Linking Personal Compute Devices To Corporate Systems -- Securely