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1933

February 1st, 2007 at 07:31 pm

That was during the great depression. The savings rate for last year has not been this low since 1933. It is a negative 1% which means people spent more than they earned and saved nothing.
The lowest in 74 years. That is sad! I am glad we have a group of people on this forum that is out to change that statistic!!

Posted in saving | 7 Comments »

7 Responses to “1933”

  1. nance Says:
    February 1st, 2007 at 07:38 pm 1170358711
    1170358711

    That is sad and scary! What will happen to these people when they retire and try to live on Social Security alone, assuming there is any money left in Social Security.

  2. Ima saver Says:
    February 1st, 2007 at 07:41 pm 1170358881
    1170358881

    I don't know, most widows on social security live on about 6-7K per year, how I don't know!!

  3. morningstar Says:
    February 1st, 2007 at 08:03 pm 1170360185
    1170360185

    I am scared already. We need to recruit more people and fast.

  4. Broken Arrow Says:
    February 2nd, 2007 at 01:36 am 1170380185
    1170380185

    Isn't the reason the saving rate was so low back then was because nobody trusted banks? And that alot of people had already lost money when their banks closed down and went under?

    If so, isn't it scarey that we are being statistically compared to THAT?

    Of course, they didn't have credit cards back then, but just makes things even worse isn't it? Because, even when you're flat broke, at least you didn't OWE money... with INTEREST.

    In short, only our cashflow is keeping us afloat. If anything were to happen, we'd be sunk.

  5. MarthaAnn Says:
    February 2nd, 2007 at 01:45 pm 1170423900
    1170423900

    The most scary thought for me is TOO many of people today will say " I want THINGS now while I am young"... ".When you are old you don't go to as many places and don't have as much get up and go".....
    "YEP".........That was told to me.

  6. Aleta Says:
    February 2nd, 2007 at 09:06 pm 1170450412
    1170450412

    I think that those same people who want those things today not tomorrow are the same kids that their parents never said no to. There are alot of people out there that think they're entitled and should have what their parents have or else they feel they're not suceeding

  7. mairgrif Says:
    February 3rd, 2007 at 11:44 pm 1170546258
    1170546258

    I think our savings rate as a nation is abyssmal, but I suspect part of what we are seeing is the baby boomer generation hitting the years when they are starting to spend down their savings. I'm not an economist so I don't know how to explain it, but I know from reading about this that when our 'savings' rate is computed, it doesn't take into account the spending of money already saved, so while someone may have saved for years and years, if they spend that money, say to buy a house, it will make them look like they have a negative savings rate in the year they spend the money. Now, I'm not saying the savings rate isn't bad, b/c it is, but I suspect it is not quite as bad as they say. Just my two cents.

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