The Wrong Incentives

Risk-free rates (Treasury yields) are very low, including long-term yields. This discourages saving.

Risk premia are at ridiculous levels. This discourages investment.

So US consumers are incented to buy now rather than save, and US companies are incented not to invest. Consumers in other countries do not face this issue to the same degree as we do because their government yields are typically higher. The spike in the dollar exacerbates the issue. This is exactly the opposite of the adjustment that has to take place. Does the economy currently present exactly the wrong incentives for recovery?