NRO vs. The Facts (Contd.)

John Tamny at NRO : "It should also be noted that the savings rate was very high during the Great Depression"

The Facts: "Americans are spending everything they're making and more, pushing the national savings rate to the lowest point since the Great Depression....

...The savings rate has been negative for an entire year only twice before — in 1932 and 1933 — two years when Americans were having to deplete savings to cope with the massive job layoffs and business failures caused by the Great Depression."