[00:02.82]Listen to these extracts from an interview with an expert on American economy.
[00:08.10]Match the captionsto the columns inthe graphs.
[00:12.17]Then listen to thewhole interview,
[00:14.76]and complete paragraph one of the article.
[00:18.65]Extract:first listening ...
[00:22.02]One effect of becoming wealthy is that it has made the rich moregenerous.
[00:28.92]73% of those interviewed
[00:32.10]said that they weremore willing to givetheir money away:
[00:36.02]62% said they hadincreased their contributions to charitiesand good causes,
[00:42.42]56% said they gave more money to relatives,
[00:46.52]and only 23%
[00:50.10]said that they spent more on luxury items like fur coats and jewellery...
[00:55.90]There is a bad side to this,too,
[01:00.19]and that is that the average American is putting less into savings.
[01:04.99]... Savings rates for the average American have fallen sharply:
[01:09.59]from 6.2% in 1993 to 3.8% today.
[01:15.99] ... It is predicted that this will fall to less than 2% next year.
[01:20.90] But the opposite is true for the very rich.
[01:24.69]In fact,the averagerate for savings amongthe top 1% of wealthypeople today is 24%!
[01:35.27]INTERVIEWER:We have with us in the studio today
[01:39.68] an expert on the American economy, Dr Giggins.
[01:46.68]could you tell us some of the more interesting things that
[01:50.08]have been happening in the American economy in the past few years
[01:54.89]HIGGINS:Certainly. I suppose one of the most important things
[02:00.08] has been the dramatic growth in the stock market.
[02:03.77] The value of shares has gone up far more than we would have expected,
[02:08.55] and this has made a lot of people very wealthy.
[02:12.36]INTERVIEWER:But has it had good results for everyone?
[02:15.97]HIGGINS:Well,as they say,
[02:18.76]an incoming tide raises all boats.
[02:23.65] But I'm afraid that this isn't true of the stock market rise.
[02:28.85] If you are rich, and have a yacht,
[02:32.03] your boat will have risen a lot higher than a little row boat.
[02:37.23] What has happened is that the richest 1% of Americans,
[02:42.32] that's those who earn over $225,000 a year
[02:47.92] or are worth more than $3 million,
[02:52.41] have seen the value of their shares rise by more than 70% since 1993.
[02:59.62] This means that their total worth has increased by about 43%.
[03:05.52]INTERVIEWER:That's a lot of money.What are they doing with it?
[03:10.51]HIGGINS:This is where it gets interesting.
[03:13.72] One effect of becoming wealthy is that it has made the rich more generous.
[03:20.12] 73% of those interviewed
[03:23.31] said that they were more willing to give their money away:
[03:27.49] 62% said they had increased their contributions to charities and good causes,
[03:34.00]56% said they gave more money to relatives,
[03:38.20]and only 23%
[03:41.20]said that they spent more on luxury items like fur coats and jewellery.
[03:47.00]INTERVIEWER:That's certainly good news for charities.
[03:51.11]What else did you find out?
[03:53.80]HIGGINS:There is a bad side to this, too,
[03:57.11] and that is that the average American is putting less into savings.
[04:01.89] I'm afraid that in the long term this could damage the economy.
[04:06.49]What we are seeing is that
[04:08.87]savings rates for the average American have fallen sharply:
[04:13.54] from 6.2% in 1993 to 3.8% today.
[04:19.92] People seem more confident about the future
[04:23.21] and so they see less reason to put money in the bank.
[04:27.10] It is predicted that this will fall to less than 2% next year.
[04:33.11] But the opposite is true for the very rich.
[04:38.31] the average rage for savings among the top 1% of wealthy people today is 24%!
[04:46.90]INTERVIEWER:All I can say is I wish they'd send some of their money my way!
[04:52.41] Dr Higgins,thank you for talking to us today.HIGGINS:You're welcome.