Here's another one not to be too alarmed about: Obama is flat-out wrong when he frets on his campaign Web site that "the personal savings rate is now the lowest it's been since the Great Depression." The latest rate, for the second quarter of 2008, is 2.6 percent -- higher than the 1.9 percent rate that prevailed in the last quarter of Bill Clinton's presidency.
I followed the link to BEA that Luskin provided, downloaded the data for savings rate as a percent of disposable personal income and made this graph. The Y-Axis is the percentage of income and just above the X-Axis is YEARS, with 1 = 1929 and 79 = 2007.
IT LOOKS LIKE OBAMA IS CORRECT.
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