80.         Whether an individual saves too little or borrows too much depends on the
purpose and extent of either activity. While appropriate and prudent¹ in some
circumstances, either can be irresponsible in excess. The evidence suggests that, on
balance, people today tend to borrow irresponsibly and are on the brink² of saving
irresponsibly as well.
        Traditionally, saving is viewed as a virtue³, while borrowing is considered a vice⁴.
However, just the opposite may be true under certain circumstances. Foregoing saving
in favor of immediate⁵ spending may at times be well justified⁶. A serious hobbyist, for
example, may be justified in foregoing saving to spend money on a hobby that provides
great joy and fulfillment—whether or not it also generates income. A relatively⁷
expensive automobile⁸ is justifiable⁹ if the additional expense provides added safety for
the owner and his family. And foregoing saving is appropriate, and often necessary, for
"rainy day" medical emergencies or unanticipated periods of unemployment. Borrowing
can also be prudent—if the loan is affordable¹⁰ and applied¹¹ toward a sound long-term
investment.
      Were saving and borrowing limited to these types of scenarios¹², I would aver¹³ that
people today save and borrow responsibly. However, the evidence suggests otherwise.
Americans now purchase on credit far more expensive automobiles¹⁴, relative to income,
than ever before—vehicles that are far more than what is needed for safe transportation.
Excessive credit-card debt, another type of unjustifiable borrowing, is at record levels—
and rising—among American households. Does the baby-boomers' current penchant¹⁵ for
retirement¹⁶ investing compensate¹⁷ for these excesses? Probably not. This trend is fueled
by unrealistic expectations of future returns; it may therefore, escalate¹⁸ to speculation¹⁹
and, at its height, widespread leveraging—i.e., borrowing. Such speculation is more
suited to highly sophisticated investors²⁰ who can well afford to lose their entire
investment than to average Americans and their nest eggs.
      In conclusion, while people seem to be saving aggressively today, their investment
choices and concomitant high spending and borrowing levels call into question the
assertion that we are indeed a "nation of savers."

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