From The Associated Press, 2/1/07:
http://www.foxnews.com/story/0,2933,249328,00.html
Personal Savings Rate Drops to Worst Level Since Great Depression
WASHINGTON —
People 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 Thursday that the savings rate for
all of 2006 was a negative 1 percent, 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 percent in 2005 and was
the poorest showing since a negative 1.5 percent savings rate in 1933
during the Great Depression.
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Harry
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