US savings plunge to Great Depression levels
Americans once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
The commerce department reported today that the savings rate for all of 2006 was a negative 1%, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases.
The 2006 figure was lower than a negative 0.4% in 2005 and was the poorest showing since a negative 1.5% savings rate in 1933 during the Depression.
people who still think the economy is recovering, raise your hands?
on the other hand, if you're simultaneously rich and a heartless bastard, it's probably possible to get really rich off of real estate over the next ten years or so...
1 Comments:
Not terribly surprising considering how easy it is to go into massive amounts of debt today. The new bankruptcy laws don't help. Or the failing healthcare system.
Sometimes, it feels like moving to a different country is the answer, which is a shame.
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