主题：【讨论】周小川 关于储蓄率问题的若干观察与分析 -- 高士奇

http://www.frbsf.org/education/activities/drecon/2005/0508.html

Since IRA and 401(k) contributions are not part of personal outlays (and, therefore, must be included in the difference between personal income and personal outlays), these contributions are included in national saving computations.

退休基金已经被包含在个人储蓄的计算里了，怎么还能再加上去？

另外，纯粹从数字而言，造成美国储蓄率低的最大因素是政府储蓄低，其次是（非企业的）个人储蓄低。前几年后者还是负数，最近才变正的。