Here in the U.S., people are spending everything they make and pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.

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. It was the poorest showing since a negative 1.5 percent savings rate in 1933. During the Great Depression when one-fourth of the labor force was without a job, people dipped into savings in an effort to meet the basic necessities of shelter and clothing.

Whatever the reason for the low savings, economists warn that the phenomenon exists at a particularly bad time with 78 million Baby Boomers approaching retirement age. Instead of building up savings to use during retirement, boomers are continuing to spend all their earnings. The savings rate has been in negative territory for 21 consecutive months.

Source: The Associated Press, February 2, 2007

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