US Consumers’ Non-Essential Spending Equals Indian GDPApril 24, 2011 5:13 pm
We spotted an amazing statistic today –
” U.S. consumers spent an annualized $1.2 trillion on non-essential stuff including pleasure boats, jewelry, booze, gambling and candy. ”
“The sheer volume of non-essential spending offers fodder for various conclusions. For one, it could be seen as evidence of the triumph of modern capitalism in raising living standards. We enjoy so much leisure and consume so much extra stuff that even a deep depression wouldn’t – in aggregate — cut into the basics.
Alternately, it could be read as a sign that U.S. economic growth relies too heavily on stimulating demand for stuff people don’t really need, to the detriment of public goods such as health and education. By that logic, a consumption tax – like the value-added taxes common throughout Europe—could go a long way toward restoring balance.”
Statistics Source: Real Time Economics
That number, 1.2 Trillion Dollars is very close to India’s GDP., at 1.53 Trillion Dollars.