U.S. personal savings rate dips, spending jumps in March

Saving less, spending more, incomes stagnating.

For the 26th consecutive month in the United States, spending outpaced income growth, while personal savings rates dipped in the month of March. This can only lead to one thing: more consumer debt. With credit card debt, auto loan debt, and student loan debt each topping $1 trillion, the next recession is going to be difficult to come out of unscathed.

According to the Bureau of Economic Analysis (BEA), income growth advanced a disappointing 0.3 percent month over month, spending growth rose 0.4 percent, and the personal savings rate dropped 0.2 percent to 3.1 percent.

Inflation is also making an appearance as the personal consumption expenditures price index swelled 1.9 percent on the year in March.

Things are beginning to crumble: the stock market is volatile, people are not saving, global debt is in the trillions, and the bubbles are starting to pop.