Notwithstanding sharp reductions in debt service traceable to the Fed’s zero-interest rate subsidy, the stock of debt is still about 116% of disposable personal income, well above the 43% average in the final three decades of the twentieth century. Similarly, the personal saving rate, at 4.25% in the first half of 2013, is less than half the 9.3% norm over the 1970-1999 period.
尽管在美联储的零利率补贴之下负债得到大幅削减，但债务存量仍是个人可支配收入的116%左右，大大高于二十个世纪最后三十年的平均43%水平。同样，2013上半年的个人储蓄率仅为4.25%，比1970年至1999年期间常规值9.3%的一半还少。