Washington Post Doesn't Know Which Way Is Up #45,671: Savings are Low, not High

Consumption amounts to 70 percent of the economy, so getting the basic facts right about consumption and savings is pretty central to understanding the economy. That's why it is pretty incredible that the Post told readers today:

"Households began squirreling away cash in the midst of the recession. The savings rate, which was at 1percent in 2005, generally fluctuated between 5percent and 6percent during the recent recession. This year it has hovered around 4percent, still above historical no...