Negative Savings?

The US Government just released the personal income and initial jobless claims data this morning. What’s interesting is that with “incomes rising faster than spending, the personal savings rate improved to negative 0.7% from negative 0.8%. The record low was in August at negative 2.2%. The savings rate has been negative for six of the past seven months.” This is not good… it basically says that people are living off credit. It’s just a ticking time bomb…