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Death of a Consumer Economy
In the U.S. the consumer accounts for 70% of GDP. With a $13 trillion economy the consumer generates $9 trillion dollars every year. Since our manufacturing and industrial base has been shrinking for years the U.S. consumer is once again expected to lead us out of another recession. The problem is, in the “new age of thrift” it seems highly unlikely this is going to happen. Let’s look at the facts.
Understanding Current US and World ConditionsToday’s conditions are continually compared to the Great Depression by reporters, politicians, pundits and many in the general populace. So let us back it up slightly. The roaring 1920’s were noted for a time of fun and partying. There are many reasons why it was called the Roaring Twenties. At this time Americans began to consider play as important as work.
