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Across America, people are experiencing plant and office shutdowns, home foreclosures, and shrinking savings as equity markets have plunged.
Mr. Cole said he did not think that sort of spending could continue, given that the average family has shrinking savings and less left over at the end of the month.
Families will then have to deal with shrinking savings and rising debt all on their own.
Similar(57)
The current account has remained in surplus because shrinking household saving has been offset by a surge in corporate saving.
Now fallen housing and stock values have shrunk their savings.
But with savings shrinking, and credit spiralling, the question is: who will pay the bill when it is their children's turn?
Two years of war have quintupled unemployment, reduced the Syrian currency to one-sixth of its prewar value, cost the public sector $15 billion in losses and damage to public buildings, slashed personal savings, and shrunk the economy 35 percent, according to government and United Nations officials.
Those fortunate to have savings have seen those savings shrink, and sometimes disappear.
Instead it would reach the savings by shrinking the lakes and reducing evaporation.
Her debt was growing, her savings were shrinking, and her confidence in her ability to run the business she had started was rocked.
But now the population is shrinking and aging, and savings rates have plunged at the same time that Japan's left-leaning Hatoyama administration is spending like never before.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com