The editorial misses two major disincentives for savings. First, as interest rates decline for borrowing, so do interest rates on savings. A lower return on savings encourages Americans either to buy now, as the government is urging them to do to help stimulate the economy, or to pay off debt for which interest rates are not declining.Second, the current income tax on interest income exceeding a low limit discourages anyone from saving large amounts. A higher allowance would greatly increase savings, creating funding for loans and investments and consequent employment to replace the taxes lost. Ernie Karsten, Berkeley, Calif. Letters are welcome. Only a selection can be published, subject to condensation, and none acknowledged. Please address them to "Readers Write," One Norway St., Boston, MA 02115.