14. In the United States it is generally the top ten percent of income receivers who do all the net savings of the entire population. Although others save, of course, in one way or another, their savings are canceled out by their borrowings. But how can there be too much savings? In Keynesian economic theory, “savings” is defined as “income minus consumption expenditures.” If that “non-spending” is not offset by “net real investment” (by business spending for expanded or improved productive capacities, as it does when the economy is expanding), the consequence is that all that is produced is not being purchased. The economy will therefore contract. If the contraction is not to become serious, there must be deficit-financed government spending to support (or increase) current levels of national income.