It’s Consumer Spending, Stupid – NYTimes.com

It’s Consumer Spending, Stupid – NYTimes.com.

Op-Ed Contributor

It’s Consumer Spending, Stupid

AS an economic historian who has been studying American capitalism for 35 years, I’m going to let you in on the best-kept secret of the last century: private investment — that is, using business profits to increase productivity and output — doesn’t actually drive economic growth. Consumer debt and government spending do. Private investment isn’t even necessary to promote growth.

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Read the full story here: The New York Times

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1 Comment

Filed under economy, USA

One response to “It’s Consumer Spending, Stupid – NYTimes.com

  1. Pingback: For 2012, Signs Point to Little Gain in Consumer Spending – NYTimes.com « Dr Alf's Blog

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