"It is not enough to know that there is a shadow government pulling the strings of the visible government- we must also act to expose it, and defeat it!"-Mark Matheny
Friday, March 1, 2013
Household Incomes Drop by the Most in 20 Years
Bloomberg March 1, 2013
Consumer spending in the U.S. rose in January even as incomes dropped by the most in 20 years, showing households were weathering the payroll-tax increase by socking away less money in the bank.
Household purchases, which account for about 70 percent of the economy, climbed 0.2 percent after a 0.1 percent gain the prior month, a Commerce Department report showed today inWashington. The median estimate in a Bloomberg survey of 76 economists called for a 0.2 percent advance. Incomes slumped 3.6 percent, sending the saving rate down to the lowest level since November 2007.