http://biz.yahoo.com/ap/070201/economy.html?.v=92006 Personal Savings Fall to 74-Yr. LowThursday February 1, 10:35 am ET By Martin Crutsinger, AP Economics Writer Personal Savings Rate for 2006 Tumbles to Negative 1 Percent, the Lowest Level in 74 Years WASHINGTON (AP) -- People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Depression.<skip>Whatever the reason for the low savings, economists warn that it the phenomenon exists at a particularly bad time with 78 million baby boomers approaching retirement age. Instead of building up savings to use during retirement, baby boomers are continuing to spend all their earnings....moreAM...I've got to stop reading this kind of scary stuff.No wonder I don't sleep well....
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