Can We Get the Washington Post Editorial Board an Internet Subscription for the Holidays So It Stops Saying Silly Things About Consumption?

People who are familiar with the Commerce Department's National Income and Product Accounts know that consumption as a share of disposable income is high by historic standards, not low, as shown in the beautiful graph below.

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Source: Bureau of Economic Analysis and author's calculations.

As can be seen, consumption as a share of disposable income is higher than at any point in the 60s, 70s, 80s, and even most of the 90s until the stock bubble generated a consumption boom. It is lower than...