Paul Lachine

L’America torna a risparmiare

CAMBRIDGE – Negli Stati Uniti il tasso di risparmio delle famiglie è triplicato negli ultimi tre anni. Per quale motivo? E cosa comporta per l’economia USA e per il resto del mondo?

Il rapido incremento dei risparmi ha ridotto la spesa dei consumatori, rallentando il passo di crescita del Pil nel 2009 e agli inizi del 2010. Se il tasso di risparmio continuerà a crescere rapidamente, potrebbe spingere la fragile economia americana in un’altra fase di recessione. Ciò  implicherebbe minori importazioni, creando in tal modo un potenziale problema per quei paesi, la cui occupazione dipende dalle esportazioni verso gli USA.

Una maggiore propensione al risparmio da parte delle famiglie reprime i consumi, perché corrisponde al rapporto tra il reddito al netto delle imposte delle famiglie e quello che spendono. È probabile che i risparmi siano depositati in conti correnti bancari o impiegati per l’acquisto di fondi comuni di investimento o titoli azionari. Oppure potrebbero assumere la forma di contributi individuali a fondi pensione o contribuiti versati dal datore di lavoro nei piani di risparmio aziendali. Anche il versamento degli acconti per le carte di credito o per i mutui conta come risparmio – ma non vi rientrano gli incrementi nel valore del patrimonio esistente, come azioni o immobili, anche se aumentano la ricchezza delle famiglie.

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