Consumers in the U.S. have led the American economy, indeed the world economy, into prosperity. Now they will lead it into recession. The simple rea-son is that at some point America's big spenders are going to run out of spending power. For a quarter-century consumer spending has grown on average a half percentage point per year faster than aftertax incomes. Similarly, borrowing has leaped. This has powered the U.S. economy and the many foreign economies that have no buyers for their excess goods and services except American consumers.
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