Figures 16.3 and 16.4 show household debt as a percentage of GDP and the personal saving rate. According to these graphs, the ratio of household debt to GDP in 2007, before the financial crisis took hold, was just under 100 percent. In the same year, the personal saving rate was 2.5 percent.
(a) Using the FRED database hosted by the Federal Reserve Bank of St. Louis, obtain the latest values for these two statistics. How has the ratio of household debt to GDP changed since 2007? What about the personal saving rate?
(b) Discuss some possible explanations for these changes.

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FIGURE 16.3 Household Debt as a Percent of GDP Percent 100 90 80 70 60 50 40 1970 1980 2020 Year 1975 1985 1990 1995 2000 2005 2010 2015 FIGURE 16.4 The Personal Saving Rate Percent 16 14 12 10 2005 2015 Year 1970 1975 1980 1985 1990 1995 2000 2010 2.