SAVINGS CRISIS
Christian investment expert Hakeem Webb says many households are caught in a mindset that has them spending income they need to be saving, to keep up with the rising cost of their accustomed lifestyle. The Commerce Department reports Americans’ ’06 personal savings rate (disposable income left after taxes and spending each month) are at a -1%, the lowest in 74 years. People are using credit cards and other credit resources to pay for gasoline, food, utilities, travel and the rising cost of living for necessities—a mindset that needs to change. Webb advises, as much as possible, divert spendable income to savings instead of buying goods and services that do not provide for the future. (OneNewsNow.com 2/7/07)