Accounting for 69% of the economy, consumer demand holds the key to America’s post-crisis malaise. In the 17 quarters since “recovery” began, annualized growth in real personal consumption expenditures has averaged just 2.2%, compared to a pre-crisis trend of 3.6% from 1996 to 2007.
这就引出了最严重的问题——困扰美国消费者的持续的资产负债表衰退。消费需求占美国经济的69%，也是美国经济危机后萎靡不振的症结。在“复苏”开始以来的17个季度中，实际个人消费支出年化增长率平均只有2.2%，而危机前的1996—2007年的趋势增长率为3.7%。