Just resurfacing for a brief moment to say: I told you so.
The combination of a surge in spending and slower income growth sent the personal savings falling to a minus 0.6 percent, the lowest level since the government began keeping these [monthly] records in 1959.In 1933 the personal savings rate in the US was -1.5% -- the lowest ever. Over the first 7 months of 2005 it stands at +0.2%. We're trying to break the record. Honest, we're trying.