Chart of the day: current account deficit
The U.S. has been spending more than it earns for years. This deficit spending is measured as the current account deficit. The graph here is a depiction of where we were and what we have come to. We had a slight surplus in after the last major recession in 1991. Now the figure is over 170 billion per quarter, down from a 2006 high of over $200 billion per quarter.
The graph looks at the measure in percentage of GDP terms to keep a constant yardstick. This is why the U.S. needs to save more and spend less.