Jul 31 2005
Quote: Richenbächer
- “The negative personal saving rate is the darkest cloud hanging over the U.S. economy. With consumer finances pretty much in tatters and overwhelming prospects for worse to come, the fitting question to ask is when and at what rate the consumer will start saving from his current income. It has been calculated that even if the saving rate were to revert only to 3-4% of disposable income, less than half its postwar average rate, it would make for the deepest and longest recession in modern times.”
Dr. Kurt Richenbächer, May 2001
