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New American Contract Supporting Document

What Will Replace The American Consumer?

November 2, 2009 |

What will take the place of the American consumer is the biggest question hanging over the world economy.
For the past decade and a half, U.S. consumption has been the principal driver of world economic growth, supplying demand for the fast-growing export economies of Asia, whose growth in turn increased demand for capital goods from Europe and Asia and for oil and commodities from Latin America, Africa, and the Persian Gulf. From 1997 to 2008, personal consumption as a percentage of GDP in the United States increased from 67 percent to over 70 percent.

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