A conversation with my roommate about recession -- whether we were in one -- prompted me to look up the definition on the Federal Reserve Bank's website. As I was searching for it, I came across this chart:
I was stunned. The chart is too old to show what news organizations have recently reported -- that we now have a NEGATIVE savings rate.
What had turned us into a nation of spenders instead of savers?
The Federal Reserve pointed to studies that show the dip was due to wealthy families saving less of their income because their stock holdings soared in the 1990s.
I found this to be even more distressing. So I am to assume that relatively poor folks like me typically save next to nothing? Ugh.
I can't wait to be the exception. Although I would be happy if many of my economic kindred bucked the trend with me as well.
1 comment:
your dear friend and colleague (hee) misses you but knows you are so very above average. it will just take time!
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