Excerpt from U. S. Fiscal and Savings Crisis, Implications for Long-Term Growth: Hearing Before the Subcommittee on Deficits, Debt Management and Long-Term Economic Growth of the Committee on Finance, United States Senate, One Hundred Third Congress, Second Session, June 17, 1994 Some have suggested that a significant portion of the precipitous decline in the saving rate might reflect problems with the way sav ing is conventionally measured in the National Income and Product Accounts (nipa). For example, the decline could have been exaggerated because certain investment spending is counted as consumption, because the nipa measure ignores the effect of inflation and capital gains, or because the depreciation of capital, which reduces national sav ing, might be overstated. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.