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This development will lead to long-term disaster
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Thursday, October 01, 2009
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By Daily Crux Editor Justin Brill:

For those of you expecting the consumer to lead us out of the recession, we've got some bad news. Americans are saving more than they have in years, but this trend is just getting started.

Today the savings rate is over 5%, but the "normal" rate over the past 40 years was about 10%.

Now that record numbers of people are reaching retirement age, we could easily see the savings rate reach 15% or more. And most of that increase will come directly from consumer spending.

Read full article...

More on the economy:

This economy has "fumble-itis"

Ten unusual economic indicators you've never seen

Hedge fund guru Thiel bets his career that the recovery is a fraud

Topics: Economy | Saving money | Cruxallaneous
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