Volcker says economy cannot rely on consumer spending
White House economic adviser Paul Volcker met with President Barack Obama on Monday in an effort to find ways to reduce the reliance of the economy on consumer spending. Consumer spending accounted for 70% of economic activity before the financial crisis. "We cannot rebuild the economy to the tune of 70% consumption or housing booms. It will just break down again," Volcker said.
Reuters | 11/02
This story published in CPA Letter Daily on 11/03/2009
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