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To: Ken98 who wrote (71881)	10/26/1999 3:59:00 PM
From: Oblomov	Read Replies (1) \| Respond to of 86076

The pensions of private-sector employees are now counted as household savings, but the pensions of government personnel are included in a separate category that also includes the government's budget deficit or surplus. Under the new system, government employees' pensions will be added into the household savings figure. That will push government savings down and household savings up - and presto, American families will suddenly seem to be saving at least a little of what they earn. One could also interpret this as meaning that Americans are spending far more than they earn if all pensions are excluded. The pension savings belong, at least nominally, to the employer. In other words, Americans are depleting their financial assets to consume... but we shouldn't worry about this because there are gobs of pension money out there.