Mountain_Mike
Recycles dryer sheets
- Joined
- Feb 16, 2005
- Messages
- 239
What the heck are people thinking??
Savings Rate at Lowest Level Since 1933
Jan 30 11:22 AM US/Eastern
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON
Americans' personal savings rate dipped into negative territory in something that hasn't happened since the Great Depression. Consumers depleted their savings to finance the purchases of cars and other big-ticket items.
The Commerce Department reported Monday that the savings rate fell into negative territory at minus 0.5 percent, meaning that Americans not only spent all of their after-tax income last year but had to dip into previous savings or increase borrowing.
The savings rate has been negative for an entire year only twice before _ in 1932 and 1933 _ two years when the country was struggling to cope with the Great Depression, a time of massive business failures and job layoffs.
More….
http://www.breitbart.com/news/2006/01/30/D8FF3QE00.html
Savings Rate at Lowest Level Since 1933
Jan 30 11:22 AM US/Eastern
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON
Americans' personal savings rate dipped into negative territory in something that hasn't happened since the Great Depression. Consumers depleted their savings to finance the purchases of cars and other big-ticket items.
The Commerce Department reported Monday that the savings rate fell into negative territory at minus 0.5 percent, meaning that Americans not only spent all of their after-tax income last year but had to dip into previous savings or increase borrowing.
The savings rate has been negative for an entire year only twice before _ in 1932 and 1933 _ two years when the country was struggling to cope with the Great Depression, a time of massive business failures and job layoffs.
More….
http://www.breitbart.com/news/2006/01/30/D8FF3QE00.html