The United States is standing at a critical juncture in its fiscal outlook. After experiencing a brief period of budget surpluses at the turn of the century, the federal government will run deficits that add about 4 trillion to the national debt over the next decade. Substantial deficits will...

The U.S. national savings rate has declined in the 1980s, with both public and private components falling. This paper discusses that decline and whether a policy response is needed. The drop in the private savings rate appears to reflect factors not easily reversible by policy and increases in...