WASHINGTON - People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
HOUSTON - Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company — $39.5 billion — even as earnings for the last quarter of 2006 declined 4 percent.
People are draining their savings at a record not seen since the Great Depression and yet the mega-corporations like Exxon Mobil are reporting their largest annual profits. How can anyone think that these two things are unrelated?
And, what's worse - it probably won't change. This coming year the big companies will continue to get bigger and the average person will probably go through the last of whatever savings they were able to acquire just to continue their lifestyles. Are people living beyond their means? Probably. Are the big companies raising prices unnecessarily? Probably. Can we do anything about this? No.
Gods this is depressing.
2006 personal savings fall to 74-yr. low
Exxon Mobil posts record annual profit
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