How do you explain to your children that America has become a place of great wealth and prosperity?
The answer: by spending billions of dollars on consumer goods, and by buying them on their own.
According to the latest data from Consumer Reports, America’s spending on consumer products reached a record $1.25 trillion in the first six months of the year, the largest single month in American history.
And while the year was supposed to be an opportunity for Americans to spend their money in the right direction, the fact that consumer spending is on the rise again is a testament to the fact they have never stopped spending.
For the first time in four decades, Americans are spending more on goods and services than ever before.
And now that it’s here to stay, they’re spending more money on them.
How has consumer spending expanded in the past decade?
In 2014, consumer spending grew by nearly 30%, according to the Consumer Financial Protection Bureau.
This year, it has already grown by more than 20% in real terms.
The total spending on goods for Americans in the third quarter of this year, according to a study by the non-partisan think tank Consumer Reports , was $1,258 billion.
That’s almost twice the size of the entire year-end budget for fiscal year 2017.
Consumer spending is so out of control that a recent study from the Consumer Federation of America said that, by 2020, consumers will spend more than they did in all of 2014, and may even surpass the record spending of $1 trillion in fiscal year 2019.
But why are Americans spending so much?
A couple of factors are driving the consumer spending boom.
The first is the so-called financial crisis of 2008, which brought a global economic downturn to the US.
Consumer prices plummeted, which caused Americans to borrow money from banks to buy goods and service.
But because banks are regulated by the Federal Reserve and the federal government, they can’t charge higher interest rates.
And, unlike banks, consumers can’t get bailed out if they default on their loans.
That meant that the demand for consumer goods and household services continued to increase.
For example, the demand was so high in the spring of 2009, that many Americans couldn’t afford to pay the mortgage they were taking out for their first home.
A large number of people in America’s cities were unable to find work.
And with so many people unemployed, the economy contracted, and inflation began to rise.
The housing bubble burst in 2008, but it was only the beginning.
Consumer debt has grown dramatically in the last two decades, and consumer spending has also grown, in part, due to rising interest rates on credit cards.
In the first three quarters of 2016, the total consumer debt in the US increased by $7 trillion, according the Federal Trade Commission.
Consumer debts have grown more than twice as fast as gross domestic product in the same time frame.
The second factor is that, according a report by the Economic Policy Institute, the financial crisis has left the US economy in a permanent recession, which means that the economy is being hurt.
A recession is when people can’t pay their bills, and they can lose their jobs.
For those who don’t work full-time, unemployment is a major hardship.
And for those who do work full time, they are often under-employed and underpaid.
So, it makes sense for consumers to feel like the economy has shrunk.
But this isn’t the case.
According the Economic Policies Institute, in 2017, more than one-third of all jobs created were in occupations that require a college degree.
The number of jobs created per worker with a bachelor’s degree in 2017 increased by 13.7%, to more than 5.7 million.
And the number of workers with a graduate degree in the labor force grew by 13,000, to more to more 8.4 million.
In other words, the economic recovery has been an economic miracle.
So how did the consumer spend boom come about?
The rise in consumer spending isn’t necessarily a result of an economic recovery.
The consumer is still living in a constant state of debt.
According a report from the Federal Deposit Insurance Corporation, consumer debt has increased by an average of 24% over the past five years.
The average consumer has $3,948 in consumer debt each year.
If we add the interest on that debt to the money that’s already in the economy, then consumer debt now stands at more than $10 trillion.
The amount of debt has skyrocketed in the years following the financial crises.
That makes it difficult for Americans who don to have a job and are struggling to pay their debts to save.
In addition, a lot of the debt is tied up in mortgages.
A recent analysis by the nonpartisan Tax Policy Center estimated that, for the first nine months of this fiscal year, $1 of every $3 in consumer indebtedness was tied up by mortgages.
And that is only going to grow.
How are consumers borrowing money to pay for goods and entertainment?
For the most part