one cannot draw a conclusion of "a substantial part of the population has
little if any savings" by recent figures of savings. You need to see stock
figures. The stock of household savings stands still high. However, the
declining trend of household savings can be explained: 1) stationary
population; 2) less "forced savings" through mortgage payment as house prices
have declined since the 1980s.
your are right about austere... maybe I should have used steady!
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