For a long time we have had one of the lowest savings rates in the world. Even now, we are just about 4%.
What drives the savings rate? Are we motivated by what is better for our country (to own our own government debt instead of China)? Of the nations tracked by the OECD, the savings rates ranged from 17.9% in Spain to 1% in Australia. If you sort the list by savings rate there is a direct correlation to the stability of the economy and government. Translation: people save more when they have low confidence in their government.
So great news for the US, our savings rate is going up!