The Consumption State: Buying Shit Equals 71% of GDP
". . . the US stands alone in the excesses of consumerism, with personal consumption averaging fully 71% of GDP since early 2002 -- well above the 67% norm that prevailed over the 25-year period, 1975 to 2000. That’s a record for America, and undoubtedly a record for any leading economy in modern history. By comparison, other major economies are clear laggards: Europe’s consumption share is only 58%, Japan’s 55%, and China is at the bottom, with private consumption amounting to just 42% of its GDP."