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 pseudonym rated 32 months ago - Americans' Debt: Worse Than You Think?
"You've probably heard that the American savings rate for 2005 was negative 0.5 percent, the lowest since the Great Depression. The annual savings rate has been negative only twice -- in 1932 and 1933, during the Great Depression." (e...
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2 Reviews
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- anarch rated 32 months ago
- American's are saving less? Slave labour is cheap..
- pseudonym rated 32 months ago
- Americans' Debt: Worse Than You Think?
"You've probably heard that the American savings rate for 2005 was negative 0.5 percent, the lowest since the Great Depression. The annual savings rate has been negative only twice -- in 1932 and 1933, during the Great Depression." (excerpted)
But, but, hold on...according to Paul Kasriel, director of economic research at Northern Trust in Chicago, and using his own calculating method, the negative savings rate is actually 5.2 percent. And that rate--and the spending it represents (last year Americans spent approximately $472 billion more than they earned after taxes), is double the previous year--and a record high.
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