31.   But at the same time, savings rates fell to their lowest levels and debt payments rose to their highest levels ever.

32.   But a low or negative savings rate indicates that consumers are upbeat about the future.

33.   But critics say the IMF is wrongly prescribing such remedies in Asia, where most countries have balanced budgets, low inflation and high savings rates.

34.   But even looking narrowly at the savings rate, the news there is not all bad.

35.   But even with the right policies, raising savings rates to Asian levels will take a long time.

36.   But fiddle with the assumptions about economic growth, savings rates and federal spending, and that figure can shrink rapidly.

37.   But it does not follow from this that all the United States needs to do is to raise its savings rate and everything would be fine.

38.   But the negative savings rate that has buoyed growth also concerns economists who fear consumers may be spending too much to maintain their lifestyles.

39.   But the advantages of a higher savings rate outweigh the negatives.

40.   But these are the same data used by people who claim that high savings rates are the key to economic growth.