> The reduction stems from an accounting adjustment that lowered personal income from mutual funds and real estate investment trusts.
This is adjusting the inflows not the outflows of rich people (and thus low marginal propensity to spend) people. So while every revision teaches us more things, this doesn't isn't really hitting "where the action is".
Remember that in macroeconomics, saving is the break, and spending is the gas.
This is adjusting the inflows not the outflows of rich people (and thus low marginal propensity to spend) people. So while every revision teaches us more things, this doesn't isn't really hitting "where the action is".
Remember that in macroeconomics, saving is the break, and spending is the gas.