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In the real economy, meanwhile, worker productivity is tremendously high; wage growth is stagnant; and there's still an enormous amount of slack — capacity that's not being used and people who don't have jobs.
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The question, however, is whether sustained investment growth is plausible given the substantial amounts of slack capacity that exist in many industries.
Because Christmas concentrates all this shopping in a single month of the year, it creates a huge amount of slack and spare capacity in the economy.
Since the mid-1990s, capacity utilisation (the amount of slack in the economy) and unemployment (the best measure of the tightness of the labour market) have no longer been in lockstep.
With 15 million people out of work, consumer demand shaky and businesses operating at reduced capacity, there is still an enormous amount of slack in the economy.
But given the amount of slack in America's economy, that danger seems distant.
Another big factor is the amount of slack in the economy.
That is "in part because of the sizable amount of slack in resource utilization".
There is a lively debate among economists over the amount of slack in the economy.
"I'm extremely lucky," Zalaznick said, "because my family cuts me a tremendous amount of slack.
Inflation is not driven by the rate of growth, but by the amount of slack in the economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com