The New Normal.

CONSUMPTION (Economics); GALBRAITH, John Kenneth, 1908-2006; GROSS domestic product; PUBLIC finance; CONSUMER behavior; THRIFTINESS

The article discusses the U.S. economy, the global financial crisis that began in 2008, and how public funds should be managed. The history of consumer spending in the U.S. in teh 20th century is considered as is a 1983 increase in consumption that paralleled a decrease in gross domestic product (GDP). Public investment during this period is also considered as is the work of economist John Kenneth Galbraith. Other topics include personal savings, thriftiness, and the size of the U.S. government.