In early 2007 Trista Winnie, writing for NuwireInvestor said: “In 2006, Americans saved at a rate of negative 1 percent, according to statistics released February 1 by the Commerce Department, meaning they not only spent all of their after-tax income, they also dipped into their savings or increased the amount they borrowed. The savings rate in 2005 was negative 0.4 percent.”We have all heard the news (unless you live under a very big rock) that we are not saving enough, not saving for retirement, not saving for emergencies, that generally America and Americans are teetering on the verge of bankruptcy. I’m here to tell you that the evidence for this just doesn’t add up. Americans are saving at record rates, have tremendous assets put away for a rainy day and most are far from bankruptcy. Sorry to disappoint all you fear mongers and nay sayers out there but the numbers you’ve been fed (and feeding to us) have been rigged. How could this be you ask? Well, the way the government measures savings is directly at fault. The government’s numbers are calculated like this:”Personal savings rate is calculated by subtracting the amount of spending from the amount of after-tax income…. Read full this story
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