Files containing subject savings rate

A hackneyed but important fact is that consumer spending in the United States accounts for two-thirds of Gross Domestic Product (GDP). This was true in the 1970s (66 percent), 1980s (67 percent), and 1990s (67 percent). [READ MORE]

While economic analysts trained their eyes on the financial turmoil in Asia, they failed to see an equally significant development at home: the drop in the personal savings rate to zero and the consequent jump in consumption. [READ MORE]