The US Savings Rate briefly fell into negative territory in Q2/Q3 of 2005. It has been positive in all other quarters. In 2008 it was well above 2%. People quote the low US savings rate like it's a doomsday scenario but in reality, it's a rational decision when your interest rates have been below 5% for a decade or more. Saving money when you make 1% on it is actually losing money due to inflation.

Why the Germans save as much as they do with such a low interest rate is a topic for another discussion.

http://www.bea.gov/briefrm/saving.htm