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Capitol Report: The mysterious slump in how much Americans save is a mystery no longer

Bloomberg News/Landov
Americans haven’t emptied out their piggybanks so they can spend more.

One of the big mysteries over the past few years was how Americans managed to spend gobs of cash and prop up the economy even as their savings rate sank to a 10-year low. Well, mystery solved.

Turns out Americans didn’t exhaust their savings to buy a new car or fridge or iPhone or whatnot. Newly updated government figures basically show the plunge in savings was a mirage.

In other words, it never happened.

Every five years the government updates and refines figures for gross domestic product, the official yardstick for the economy, going all the way back to 1929.

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