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Americans saving less than nothing Spending could outstrip income in 2005 [View All]

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RamboLiberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-08-06 08:02 PM
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Americans saving less than nothing Spending could outstrip income in 2005
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http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/0...

When the Commerce Department recently tallied up consumer finances for November, it found that Americans shelled out more money than they took in. It was the seventh such month of red ink during 2005.

Kevin Lansing, an economist with the Federal Reserve Bank in San Francisco, tracks the personal savings rate -- the Commerce Department's measure of how much consumers have left after spending is subtracted from income. In November the savings rate was a negative 0.2 percent.

Given how much red ink households racked up in the first 11 months of last year, Lansing said the nation's personal savings rate could well be negative for all of 2005.

That, he added, would be "the first such occurrence since the Great Depression."

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  -Americans saving less than nothing Spending could outstrip income in 2005 RamboLiberal  Jan-08-06 08:02 PM   #0 
  - Amazing how little you save when your income is slashed in half.  Straight Shooter   Jan-08-06 08:08 PM   #1 
  - Of course, what we have budgeted for savings  LEW   Jan-08-06 08:11 PM   #2 
  - He was not elected and we are all paying the consequences.  mom cat   Jan-08-06 08:32 PM   #6 
  - Non-wealthy Americans aren't saving because they feel that they  cantstandbush   Jan-08-06 08:12 PM   #3 
  - I agree with your analysis.......  llmart   Jan-09-06 05:59 AM   #9 
  - Check out your neighbors in the burbs  Warpy   Jan-08-06 08:15 PM   #4 
  - oh what joy  high density   Jan-08-06 08:16 PM   #5 
  - With Credit Card payments doubled that line of credit  RamboLiberal   Jan-08-06 08:40 PM   #7 
     - And They Can't Declare Bankruptcy Anymore  AndyTiedye   Jan-08-06 09:23 PM   #8 
  - Many reasons, IMO  KayLaw   Jan-09-06 06:16 AM   #10 
  - My income was cut $25,000 a year for 8 months. I'm still not able to  Mountainman   Jan-09-06 11:25 AM   #11 
  - Tell them this:  skids   Jan-09-06 02:25 PM   #21 
  - Duh!  SoCalDem   Jan-10-06 12:53 AM   #27 
  - Wait 'til the line of home equity credit is all used up  Ezlivin   Jan-09-06 11:46 AM   #12 
  - Kick and Nom. This is why they pushed the Bankruptcy bill through so fast.  sarcasmo   Jan-09-06 11:50 AM   #13 
  - "savings rate has been offset by another factor -- rising home prices"  Roland99   Jan-09-06 11:56 AM   #14 
  - Savings rate has been offset by another factor -- UNDERemployement  mcscajun   Jan-09-06 12:10 PM   #16 
  - You speak true.  Roland99   Jan-09-06 12:11 PM   #18 
  - They probably meant  JusticeForAll   Jan-10-06 12:51 AM   #26 
  - It pains me to see this happening in America...  AnneD   Jan-09-06 12:04 PM   #15 
  - I know I've got zero savings right now. Any thoughts on why  jasmeel   Jan-09-06 12:10 PM   #17 
  - Maybe....  AnneD   Jan-09-06 12:23 PM   #19 
  - part of their terror campaign  central scrutinizer   Jan-09-06 03:15 PM   #22 
  - I'm blaming this on the credit card industry...  lovuian   Jan-09-06 12:28 PM   #20 
  - The nation is just following *'s lead  klook   Jan-09-06 03:32 PM   #23 
  - The BFEE broke the bank, now we all pay the bill.  Rex   Jan-09-06 03:43 PM   #24 
  - Is it any wonder?  BuffyTheFundieSlayer   Jan-09-06 11:37 PM   #25 
 

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