Economist Robert Samuelson points out in his latest essay online that American consumers might be saving enough to spark a strong recovery — and possibly saving more than is necessary.

If true, the spending habits of Americans formed by rising stock prices and real estate during the boom is not unwinding but going backwards, a signal that the recovery will be a lot slower than most expect.

"In the past decade, they counted rising stock and home wealth as 'saving,' which rationalized high borrowing and spending. Now, the process may work in reverse," he writes at RealClearMarkets.com 

"Since late 2007, lower home and stock values have shaved about $10 trillion from household wealth. If Americans tried to replace most of this through more annual saving, consumer spending would remain weak for years."

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