At what point in history Americans shifted from having savings to having debts?

Discussion in 'Economics' started by crgarcia, Aug 23, 2010.

  1. Maybe during the 90's easy credit?
    Or right after the 70s inflation skyrocketed costs of living?
  2. America went from a net creditor to a net debtor nation during the Reagan admins debt runup.
  3. I hate Reagan

    What a jerk that fucked up USA
  4. Americans have always had savings & debts even before this was America. All you have to worry about in this life is that you are a saver and not a debtor. Savers are the masters, debtors are the slaves.

    There are always small instances in history where the debtor comes out ahead & the saver loses (in hyperinflationary situations), but after that has passed, their old habits will find them in the same situation they were in pre-hyperinflationary times. The habits of the saver will bring him ahead again eventually.
  5. toc


    Reagan freed the humanity from communism and we should thank him for that. Clinton even brought the books to balance but Bush-II fucked it all up............royally! American needs a fiscal dictatorship to take the hard pill.