What You Bought in January and How It Hurt Millions

Yo, lured out to the stores by the warmest January in more than a century, you blithely spent at a rapid clip that outpaced your income.

What’s up with that?

Your personal spending shot up .9% in January, the strongest gain in six months, while your income rose a solid .7%.

Respect.

But check this, like a sucka-ass trick, spending more than your after-tax income forced you to dip into prior savings or increase your borrowing.

Economists say that this is exactly the wrong time for your savings rate to dip into negative territory with the impending retirement of 78 million baby boomers, biatch.

Life ain’t all applejacks n’ jump-rope. Maybe you’ll think a little first before your next spree?

Consumer Spending Showed Big Gains in January [New York Times]