November 01, 2019
I hate to let the data ruin good lines in news stories, but apart from a few quarters in 2012, the savings rate is at its highest level in the last quarter-century.
This means that people are actually consuming a smaller share of their income than normal. That is consistent with a tax cut that gave a lot more money to rich people, who tend to consume a smaller share of their income than low and middle class people.
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