Just to set context here. Net saving is: > equal to the sum of personal saving, undistributed corporate profits with inventory valuation and capital consumpti

Just to set context here. Net saving is: > equal to the sum of personal saving, undistributed corporate profits with inventory valuation and capital consumption adjustments, and net government saving. [0] To break that down further: Personal Saving is 'Post tax income less consumption'. That looks like this: https://fred.stlouisfed.org/series/PSAVE https://fred.stlouisfed.org/series/PSAVE Undistributed corporate profits with inventory valuation and capital consumption adjustments is a measure of how much profit companies made, but did not return to shareholders (with an adjustment to remove the effect of inflation). That looks like this: https://fred.stlouisfed.org/series/B057RC1Q027SBEA https://fred.stlouisfed.org/series/B057RC1Q027SBEA Net Government saving is (oversimplified, but basically) the deficit: https://fred.stlouisfed.org/series/TGDEF https://fred.stlouisfed.org/series/TGDEF GNI is sort of like GDP, but slightly different (treat it like the same for nearly all intents and purposes). What this chart is basically showing, is that Federal deficits are up, but it's not translating to a higher household savings rate (As was the case during the stimulus period) OR higher retained corporate earnings. I'd argue that the actual number is an intellectual exercise (i.e. it's relatively meaningless that it is now negative), but it is worth investigating why the Government is running such a large deficit in a hot economy that is not leading to better quality of life (Personal savings is a rough proxy for that). [0]https://www.bea.gov/help/glossary/net-saving#:~:text=A%20measure%20of%20the%20saving,adjustments%2C%20and%20net%20government%20saving https://www.bea.gov/help/glossary/net-saving#:~:text=A%20mea....