VOO - We All Know Who's On First But What's On Second?
It wasn't entirely unexpected, though when it was announced it was still quite a lot to take in. On September 1, 2005, the Bureau of Economic Analysis (BEA) reported that the nation's personal savings rate had turned negative during the month of July. The press release announcing the number, in trying to explain the result was reduced instead to a tautology, "The negative personal saving reflects personal outlays that exceed disposable personal income."
Why had it become this way? What were the implications, if any? Beyond the scope of the BEA's mandate, the government could