What’s wrong with these pictures?
[O]ne consequence of U.S. consumer’s great borrowing and spending spree was a “breakout” of consumption’s already massive share from its long-held “trading range.” Since 2006, consumption has accounted for over 70% of GDP. In hindsight, it’s not a pretty picture of what it takes to reach this level of consumerism-mainly massive and unsustainable deficit financing across the economy. So then, with last Friday’s GDP report, we find that the U.S. consumer is still wielding its clout. After hitting an all time peak of 71.3% in Q3-2009, consumption still accounted for 70.7% of Q4-2009 GDP.