Final answer:
The assertion that Americans typically maintain a very high savings rate is false. In comparison with other countries, the United States has a lower gross national saving rate of 17% of GDP, below the world average of 22%, and this rate has been declining in recent years. False
Step-by-step explanation:
When considering the statement 'Americans typically maintain a very high savings rate,' it is important to compare U.S. savings rates with those of other countries. Contrary to the claim, Americans do not save a high proportion of their income, especially when compared internationally. The rate of gross national saving in the U.S. stands at 17% of GDP, which is lower than the world average of 22%. By comparison, regions like China and the East Asian Tigers report saving rates of roughly one-third or more of GDP. The U.S. savings rate has even dipped in recent years, indicating a decrease rather than an increase in the proportion of income saved by Americans.
The American economy sources financial capital primarily from private savings within the country and public savings. However, these savings rates are not as high as many think and are certainly lower than the global average, which reveals a comparatively moderate approach to saving in the United States. Therefore, the assertion that Americans maintain a very high savings rate would be false.