The Real State of the Union
February 10, 2008 – 11:44 pmVermont Senator Sanders has an excellent summary of the state of the U.S. for the last year. Among all of the depressing things listed, one struck me as Very Bad:
“Last November, the personal savings rate was below zero, something that up until 2005 hasn’t happened since the Great Depression.”
How much worse do things have to get before something meaningful is done? The tax stimulus package will likely be spent, for the most part, on imports. The American dollar is already weak, and seeing a large portion of the tax rebate go overseas won’t help much. Except maybe the stores in New York which have started taking Euros, as they’re currently much stronger than the dollar.
