Paul Lachine

Amerikas überraschende Ersparnisse

CAMBRIDGE – Die Sparquote der privaten Haushalte in den Vereinigten Staaten hat sich in den letzten drei Jahren verdreifacht. Warum? Und was bedeutet das für die US-Wirtschaft und den Rest der Welt?

Der rapide Anstieg der Ersparnisse hat die Verbraucherausgaben verringert und somit das Tempo des BIP-Wachstums 2009 und Anfang 2010 verlangsamt. Sollte die Sparquote weiterhin rasch zunehmen, könnte sie Amerikas fragile Wirtschaft in einen weiteren Abschwung schubsen. Das würde niedrigere Importe bedeuten, was potenziell zu einem Problem für Länder werden könnte, deren Arbeitsplätze von Exporten in die USA abhängig sind.

Höhere private Ersparnisse drosseln den Konsum, denn sie sind die Differenz zwischen dem Einkommen der Haushalte nach Steuern und dem, was sie ausgeben. Das Ersparte wird u. U. in Bankkonten angelegt, oder es werden Investmentfonds oder Unternehmensaktien davon gekauft. Das Sparen kann auch die Form individueller Beiträge zu Rentensparkonten oder Beiträge der Arbeitgeber zu betrieblichen Sparplänen annehmen. Die Abzahlung von Schulden auf Kreditkarten oder Hypotheken zählt ebenfalls als Ersparnis – dagegen fällt eine Wertsteigerung bestehender Vermögenswerte wie Aktien oder Immobilien nicht darunter, auch wenn sie das Vermögen des Haushalts steigern.

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