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    Monday, January 30, 2006

    The Declining Savings Rate

    From the Washington Post:

    Americans' personal savings rate dipped into negative territory in 2005, 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.


    Of course the article quickly blames everyone for overspending, rather than looking at the sad state of labor laws in this country, the price of a college education, the cost of health care, the rising energy costs, and a plethora of other things that place the blame firmly at the feet of our government.

    How about this? If it looks like the Depression and feels like the Depression ...

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