Karl W. Smith, Columnist

Shoppers Won’t Save the U.S. Economy

When economic growth depends too much on consumer spending, it’s usually a warning sign.

December 4, 2019 at 1:00 PM UTC

Karl W. Smith is a Bloomberg Opinion columnist. Previously, he was vice president for federal policy at the Tax Foundation and assistant professor of economics at the University of North Carolina.

They can’t save the U.S. economy all by themselves. — They can’t save the U.S. economy all by themselves.
Photographer: Tom Pennington/Getty Images North America

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Reports of strong sales on Black Friday and Cyber Monday have strengthened the case that consumers will continue to be the engine of growth for the U.S. economy. The resilience of the American consumer, goes the theory, will stave off a recession.

That confidence may be misplaced.