When non-economists argue that the personal savings rate is zero or negative, I think that measure leaves out several important factors. Such as 'transfers to governments,' which apparently includes your payments of FICA and SE tax, to the OASDI fund (that pays social security pensions). It does not include increases in your investments, or capital gains. And apparently lots of other things.

Here's the govt. website that explains it in semi-technical terms.

http://www.frbsf.org/publications/economic...9.html#subhead1

For fear of being personally attacked here (again!), let's not discuss my pension income. Do YOU have personal savings that far exceed 0.1% a month? I'll bet you do.