[bruin]

That's right.

The USA now has a negative savings rate of 0.6% for July. So we are now, on the whole, spending more then we make.

This is the lowest savings rate on record and this doesn't factor in recent events.

This bubble is getting so big it's unbelievable.

Other low points in history: Quarterly data show negative savings rates for several quarters during the Great Depression. The savings rate was negative 0.2% in October 2001 and was 0% in June, which is all during our recent bubble.

[bruin]

Looks like a thread was started on this in Economics:

http://www.peakoil.com/fortopic12159.html