Economics question...

[OUstudent4life]

So I heard the "fact" yesterday that last year United Statesians spent more than we earned...the general population accrued more debt than we actually made in income, nationally.

Is this true, or where could I find out?

And secondly, the when was the last time we did this?

[Mjcpr]

And secondly, the when was the last time we did this?

The year before?

[49r]

YAY for housing bubbles!

[JohnnyMack]

Does buying a house count? I mean last year I bought a house, so I spent wwwwaaaaaaayyyyyyyy more than I earned.

[49r]

It's not buying the house that counts. It's borrowing against the equity you've earned based on inflated housing prices. Debt is skyrocketing.

[JohnnyMack]

It was my first house, couldn't really help it. :O

[Okieflyer]

So I heard the "fact" yesterday that last year United Statesians spent more than we earned...the general population accrued more debt than we actually made in income, nationally.

Is this true, or where could I find out?

And secondly, the when was the last time we did this?

If they would quit giving credit to people like my wife, this wouldn't happen anymore.:mad:

[Frozen Sooner]

So I heard the "fact" yesterday that last year United Statesians spent more than we earned...the general population accrued more debt than we actually made in income, nationally.

Is this true, or where could I find out?

And secondly, the when was the last time we did this?

I don't think that's quite right. Spending on credit did outpace the savings rate, though-which is somewhat of a paper tiger, as the savings rate doesn't include investments.

[proud gonzo]

I always spend more money than I make, unless you consider getting money from my parents "making".