Also, the current account deficits in the industrial countries---especially the United States---can be traced to increases in both public and private consumption that show up as declines in national savings rates. To an economist, saving money is desirable because it finances productive investments in factories and new equipment, which promote economic growth. But with American households currently saving less than one percent of their income and with politicians unwilling to eliminate the federal budget deficit, the United States has to rely on the savings of foreigners. These explanations are often advanced when discussing recent global capital flows. While elements of them could account for some aspects of recent trends in global capital flows, none are complete explanations for this complex phenomenon.