Personal savings rate fell sharply under Clinton

Clinton's Treasury Secretary, Robert Rubin, pushed for a surplus and that led to the sharpest decline in the savings rate in the history of our country. One could argue that President Bush's policies have recently helped to stabilize that decline. If we try to balance the budget now the savings rate would plunge negative and stay there causing enormous harm to the economy and household balance sheets. The policies of both presidential candidates suggest this is a frighteningly real possibility.