The lack of personal income savings is a reminder that all this growth economic growth could slow down pretty quickly.

We're not too good at saving these days. Americans have a savings rate of about 3 percent. How can local governments work to grow that number?

The personal savings rate seems to have moved up to the 4 percent to 5 percent range, despite savers making 0.1 percent to 0.2 percent on their money. We're back to the range that held for much of the 1990s. Considering how harsh the last couple of years have been on so many people — from young adults seeking their first full-time job to retirees watching their pension values slide — it's doubtful that the savings habit will erode. Memories aren't that short.

People are still trying to save more.