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Starving piggy banks
Washington Monthly, April, 2007 by Charles Peters
The Commerce Department reports, according to the Associated Press, that the nation's savings rate for all of 2006 was -1 percent, the worst showing in seventy-three years. Subtract seventy-three from 2006, and we see that the previous low was in 1933--at the height of the Great Depression. If that doesn't make you a bit nervous, consider that the only other year of negative savings in recent times was the -0.4 rate in 2004.
And the only similar year in the past was 1932, the other worst year of the Depression.
COPYRIGHT 2007 Washington Monthly Company
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