Consumer spending — or more precisely, the lack of it — continues to hamper the U.S. economy as Americans reconsider what it takes to make them happy.

This thrift paradox has become increasingly apparent as Americans, after their earlier decades of spending and indebtedness, have gotten into the habit of saving their money to the detriment of national growth, according to a recent report from Harris Private Bank.

At the same time, the "economics of happiness" suggests that the relationship of income and wealth to well-being is more complex than economic policymakers have traditionally assumed it to be, Federal Reserve Chairman Ben Bernanke noted Monday in a speech before the International Association for Research in Income and Wealth in Cambridge, Mass.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.