people are just saving "differently" than they used to ... people are smarter about how and in what they invest. Many of these changes in behavior are not registering in government surveys.
"Saving differently". Exactly. Why should anyone park significant funds in interest bearing accounts that not only lag the return in stocks, real estate but are taxed every year as income as well?
Is that a bad thing? Should not the governments numbers be conservative in this case? Creative accounting for 'savings' and 'assets' in the late 90s sort of blew up in everyone's faces.
And the one huge, monsterous, gigantic, overwhelming important word these government eggheads left out: Primary Residence!!!! Hello, most homeowners in the country have seen a dramatic increase in the value of their home. That is SAVINGS if you don't sell it.