Americans can’t stop borrowing and spending:

Always good to ignore the Russian point of view.

Looking at their chart, over 20 years spending is up 34% (adjusted for inflation). That is a growth rate of 1.5% per year. Since the population has grown 17% the per capita spending has grown even less.

Over the same 20 years, real GDP in the US was up 50% so ‘holiday spending’ as a percent of GDP has actually declined.

DB2

1.8% real GDP growth on average for the entire 20 years.

God do I hate supply-side economics. It is for total dolts.

The math I used. The rule of 72 divided by 20 years equals a growth rate of 3.6% if the GDP had doubled. Instead, we get 50% of that or 1.8% real GDP growth rate. This last bit to halve the growth rate I have not seen in any textbook.

GDP is embellished by deficit spending (debt):

GDP=C+G+I+NXwhere:

C=Consumption

G=Government spending

I=Investment

NX=Net exports

Lets hope that people and governments will continue lending money the USA money to increase their GDP