It Has Been Pointed Out That Compared to Changes in Wealth

It has been pointed out that compared to changes in wealth, especially wealth as measured by current stock prices, fluctuations in a family's income tend to have a far bigger impact on household spending because:

A) A major portion of U.S. equity holdings lie in tax-sheltered retirement accounts that are not available for immediate spending
B) The tendency is to save wealth gains
C) Only a minority of people hold significant quantities of stock in most countries
D) A and B only
E) A, B and C

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