I am reminded about the phase theres no money in truth. I mention this on the heels of an AP news article January 30, 2006 declaring that personal savings have not been as low as they are today since the period of 1932-33 during The Great Depression. The Department of Commerce recently released data indicating personal savings, once nearly 11% in 1984, plummeted to 0.5% in 2005. Said another way, people are spending more than their after-tax earnings and no doubt using credit to fill the gaps.

The article goes on to point the finger for this disconcerting fact to American complacency as per high real estate prices (paper wealth) and general over consumption. With 78% of baby-boomer Americans turning the corner towards retirement, the negative rate of savings is alarming. According to Lyle Gramley, senior economic advisor at Schwab Washington Research Group,"Americans have been content to spend a lot more than is good for them or for the economy.

Interestingly, the AP article never once mentioned the impact skyrocketing cost of living for lifes basics: health insurance, mortgages, rents, groceries, higher education, child care, home heating, etc., was having on the ability to save any money. This fact alone pushes families to the edge and often over the edge of their budgets as they are forced to make some difficult choices.

Now for the theres no money in truth part of this article. Ever notice how we the consumer are always the ones at fault for the glaring financial challenges so many people face these days? Whats worse, most everyone agrees. Its like in the Emperors New Clothes where everyone agrees that the emperor is wearing the finest garments. But is he really? Similarly, are we alone, as individuals, responsible for the personal finance crisis that currently affects millions? I dont think so.

Theres seldom a shred of accountability from the financial industry and advertisers in general when it comes to the blatant selling of emotional propaganda such as Live Richly and have it all now. Their version of happiness and success is the one most often subscribed to. How do experts like Lyle Gramley think we consumers came to cultivate our attitudes and spending styles in the first place?

Not to mention, dont even think of taking a look at the structure of the monetary system itself. You could discover that its system design has a direct affect on the average Americans ability to put some money away. Heaven forbid. That would be biting the hand that feeds you! Throughout history, change agents have known effective and permanent change in any sphere of life requires review and adjustment at a systemic level. As regards the financial conundrum of more money going out than coming in on a mass societal level, the same thing holds true. Until we each are willing to consider the critical systemic component to this snowballing financial crisis, one thing is certain: Behind closed doors, people will continue to believe they have only themselves to blame.