Savings Falls To Depression Level

This AP article says we're spending everything we make and then some. That's scary.

The Commerce Department reported Monday that Americans' personal savings
fell into negative territory at minus 0.5 percent last year. That means that
people not only spent all of their after-tax income last year but had to dip
into previous savings or increase their borrowing.
The savings rate has been
negative for an entire year only twice before _ in 1932 and 1933 _ two years
when Americans were having to deplete savings to cope with the massive job
layoffs and business failures caused by the Great Depression.

Wow. Ol' BC wonders what it will be like when the baby boomers are all retired and only the immediate gratification types still work. This is one of the very best reasons for personal social security accounts. I know the liberals don't want any additional people amassing any wealth, but if I was twenty-something or even thirty-something I would be screaming to Washington to get personal accounts authorized. We can see where this nation is headed.

Just a thought.