Here's a provacative piece from the NY Times. Author daniel Akst argues. given the alternatives, "Perhaps it's (our failure to save) something closer to rational profligacy."

Here's a chesnut I can fully agree with:

Everyone needs a rainy-day fund, of course. But if we really want society to save more, we have to stop penalizing thrift, stop taxing earned income and stop the federal deficits.

Just be careful with this line of thinking:

First, how can anybody take savings exhortations seriously from a government that seems to revel in fiscal profligacy?

Sure you can optimize rational behavior based on federal law (think the tax code), but don't take this notion further, to the point where your are looking to the federal government for all the answers. The heavy lifting is up to us as individuals. If you think the collection of elected officials in Washington truly have your individual best interests in mind all, or even most, of the time I've got a bridge for you in my backyard.