Americans Saved $1.1T Less Than Previously Thought from 2017-2022
&gt; The reduction stems from an accounting adjustment that lowered personal income from mutual funds and real estate investment trusts.<p>This is adjusting the <i>inflows</i> not the <i>outflows</i> of rich people (and thus low marginal propensity to spend) people. So while every revision teaches us more things, this doesn&#x27;t isn&#x27;t really hitting &quot;where the action is&quot;.<p>Remember that in macroeconomics, saving is the break, and spending is the gas.