Savings Rate lowest in 74 years

Commerce Department reported that the savings rate for all of 2006 was a negative 1 percent (that's -1%), meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases.

It was -0.4% in 2005. The poorest showing was -1.3% in 1933 during the Great Depression.

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