Wednesday, August 03, 2005

US stinks at saving

personal savings rate for the us in june was 0 %. yup a big fat 0. my understanding is that this doesn't take into account pre-tax deductions (i.e. a company retirement plan). this is just a net after tax minus what people are spending. no matter how you slice the bread this can't be good in the long term. some people claim that it isn't so bad because nationally the savings is at something like 14% but this article clears up a couple things. maybe the "end times" will arrive because nobody will be able to buy or sell since nobody will have any money saved. haha.

3 comments:

forkev said...

even without savings you can still barter. what about trading existing goods or services as the commodity?

k2h said...

even without saving you can build equity in your house. or your goods can appreciate (classic cars for example)

Daniel said...

You can always steal what you need... if you get caught, you get given a place to live and stuff :).