Americans are saving less. While the U.S. saving rate has regularly lagged behind its peers, it has yet to return to pre-pandemic levels. Increasingly, people are turning to credit cards to fill the gaps in their budgets.
Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, joins Kyle Hulehan to discuss why the U.S. is struggling to save and what solutions exist within the tax code to help Americans save more.
Links:
https://taxfoundation.org/blog/personal-saving-retirement-taxes/
https://taxfoundation.org/research/all/federal/case-for-universal-savings-accounts/
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