more worried about peak phosphate and peak topsoil tbh
http://blogs.ei.columbia.edu/2013/04/01/phosphorus-essential-to-life-are-we-running-out/Phosphates are fine. Topsoil is an issue...but people are taking more care to minimize losses.
The major problem with nitrates and phosphates is runoff into local wetlands and waterways. The Twin Cities is full of small lakes that by mid summer are opaque and green.. and we have sped up the evolution of these lakes towards eutrophication like a thousand times.