Personal Savings at Lowest Point in 70 Years

An ominous sign of potential disaster, Americans have less money in savings than they did during the Great Depression - seventy years ago. But wait, it gets worse. When people dipped into their savings and spent more than they had back in 1932, it was to afford the basic necessities of life. In other words, they depleted their savings to survive. Today, people are spending their savings cash to buy boats, televisions and other, worthless garbage. AP Reports:

The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression.

If our country faces a major economic crisis in the future, such as the havoc that would be unleashed during a pandemic flu outbreak, millions of people could lose everything - their homes, jobs, cars, credit and future.

We have been warned on countless occasions to save money, food and other essentials so that we can adequately protect our families should catastrophe strike. Nowadays, unfortunately, many people rely on the government to pick up the tab should a real emergency present itself. But if these figures are correct, then the millions of people left unprepared and financially destitute will utterly overload any basic services the government can provide. It's a recipe for societal chaos and personal ruin.

Start saving money and set aside food storage now! There's a good chance that if catastrophe does strike, you'll not only be providing for your own family, but potentially hundreds of people who will come flooding to your door for assistance!