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Politics : THE WHITE HOUSE -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (22403)	9/15/2008 7:33:58 PM
From: pompsander	1 Recommendation Read Replies (3) \| Respond to of 25737

That sounded a little strange to me, so I checked the national accounts. It's quite true that the savings rate is 2.6 percent in the second quarter of 2008, but the average of the last 4 quarters is less than 1 percent, and in most of the recent quarters it has been 0.5% or less -- which certainly qualifies as "the lowest...since the Great Depression." __________________- So your point is that Obama is "wrong" because he stated that a current rate is not the worst since the depression because actually the four quarters BEFORE, also under the Bush presidency, were worse still..... Yes, that is the kind of lie that will surely get Obama all tied up. By the way, when did Obama's website post the quote? Could it have been back before the second quarter number came out? Boy, that kind of "lie" is much worse than claiming you never sought earmarks up in Alaska, or you never supported a bridge to nowhere, or that you "stopped" selfsame bridge. Much worse. Shame on Obama for that "whopper".

To: longnshort who wrote (22403)	9/15/2008 8:02:51 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 25737

You should include actual links when you claim to be posting an 'economic statistic' so the original source data can be examined in detail (for it's methodology and limitations and exclusions, etc.) For example: I'm fairly sure that the (not-linked <g>) article you made reference to was utilizing recent NOMINAL (i.e.: not yet inflation adjusted) figures. Some examples (with links to source material included <g>): Most current figures: U.S. savings rate falls to zero - MSN Money (by Christian Science Monitor) --- NOTE --- the 'zero' figure reported by the US Commerce Department is a nominal figure. When adjusted for the monetary inflation rate to create the 'real' figure it MOST-ASSUREDLY is a SUB-ZERO Savings Rate: ...Tuesday, the Commerce Department reported that the personal savings rate fell to zero in June, the lowest since a one-month buying binge in the aftermath of the 9/11 attacks. The United States is on track to record a savings rate for the year below 1%, which would be the lowest since the depths of the Great Depression, when the rate turned negative. articles.moneycentral.msn.com A longer-term view of the Real "personal savings rate" (Should we be proud that families have the lowest rates of saving since 1929 and historic record debt ratios, compared to the past?): SAVINGS PLUMMET - a record low in world history The chart at the left shows a 48 year trend of that part of disposable income that has been saved - - called 'personal savings rate'. Note: prior to 1970 the rate of personal savings was rising smartly - - as were family incomes - despite most families then having but one wage earner while also living without increasing debt ratios (chart below). As family incomes continued to stagnate, despite more mothers in the work-force, it follows that later the saving ratio stopped rising as seen in the left chart. As inflation-adjusted family incomes continued to stagnate the saving ratio started falling rapidly - - plummeting since 1992. As of Summer 2007, savings were negative 1.3 percent - an all-time record low!! Also a record low for any leading global economic power in the modern history of the world, per economist Steven Roach Nov. 2006. In 2005 consumers drew down savings by over $200 billion compared to the prior year, the biggest dip in savings since record-keeping began in 1929 (Bloomberg). $1.1 Trillion in savings was missing in 2005 compared to had the savings ratio been as 2 decades ago. (Realized capital gains/losses, if any, are not included in the personal savings calculation, and may slightly mitigate this chart if one wishes to call such savings. Nevertheless, the trend with and without is at an all-time record low).... Americans have not saved so little since the depression of the 1930s - they have been on a spending binge, well beyond growth of their incomes. (Bloomberg Jan 2006) mwhodges.home.att.net