The NYTimes had a great article on savings among Americans! As widely reported over the years, Americans apparently do not save enough.  This can have dire consequences to America's long term economy as our excess spending results in trade deficits which need to be financed by foreign borrowing.

My wife and I have been doing our small part by using such tools as a 401K, IRA and even ESPP.  But should we bother saving?  The NYTimes article basically asks the question "Maybe Saving Money is Just for Chumps". 

The article states that if the government wants us to save then why don't they save themselves (i.e. why can't we have a balanced budget?).  These deficits mean a higher national debt.  Higher national debt coupled with an aging population implies a social security crisis.  The net impact will be higher taxes.  This begs the question why should Americans save money and defer taxes when tax rates will be higher?

The article doesn't really give a real solution to the problem, but implies if the government wants us to save more then perhaps they should practice what they preach!