The Saving Glut of the Rich by Atif Mian, Ludwig Straub and Amir Suf (7/2020).
“There has been a large rise in savings by Americans in the top 1% of the income or wealth distribution over the past 35 years, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated with an increase in investment. Instead, this rise in savings has been associated with substantial dissaving by the non-rich and dissaving by the government. A process by which the financial sector is unveiled reveals that rich households have accumulated substantial financial assets that are direct claims on household and government debt. Analysis using variation across states shows that the rise in top income shares has been important in generating the saving glut of the rich.”
The Saving Glut of the Rich and the Rise in Household Debt by Atif Mian, Ludwig Straub and Amir Suf (3/2020).
“Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated with an increase in investment. Instead, the saving glut of the rich has been linked to the substantial dissaving and large accumulation of debt by the non-rich. Analysis using variation across states shows that the rise in top income shares can explain almost all of the accumulation of household debt held as a financial asset by the household sector. Since the Great Recession, the saving glut of the rich has been financing government deficits to a greater degree.”
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