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Tuesday, January 31, 2006
Americans are spending more than they are earning, pushing the national savings rate to lows not seen since the Great Depression. The Commerce Department released a report saying that personal savings fell to a negative 0.5% in 2005.
This means that people spent everything they earned and more. This is the third time that the savings rate has been negative, the previous two times were both during the Great Depression in 1932 and 1933. The savings rate has been declining since 1984 when it stood at 10.8%, in 2004 it was 1.8%.
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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
