Michael Batnick

And I think the other thing, of course, is that incomes tend to get revised up over time.

So the government always magically fines income.

and the savings rate doesn't look as low as people think.

It's just one of the things that happens in the data.

But, you know, it's like anything in economics, right?

You have like two different, we have multiple ways of looking at the same concept, right?

There's household employment and payroll employment.

There's CPI and PCE.

And that's also true for the savings rate, right?

Like there's the savings rate that Skanda's talking about, which is really just, I think you would agree, like an income statement residual.

And then, you know, all they're doing is taking income less spending over income.

Yeah, I mean, I don't know.

Like, the Ed Leamer thing was something that people have been talking about for years, right?

Like, Ed Leamer was the guy that wrote the paper, like, housing is the business cycle.

right?

Like normally I would agree with them.

Yeah.

I mean, that's the thing.

It's sort of, it's competing for seat resources with the AI thing, right?

Like, so they're competing with land, with AI data centers and yeah.