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And the pace of spending has been relentless.
It now appears that consumers have maintained their sluggish pace of spending only by saving less.
At this pace of spending, he argues, there is no way taxpayers will recoup their investment.
Several Republicans here said the furious pace of spending would complicate Mr. Obama's re-election efforts.
"It is highly unlikely that this pace of spending cuts can be maintained in future months.
In the United States, the ease of borrowing has not made it politically easier to increase the pace of spending.
Similar(20)
Analysts said the slower pace of consumer spending would bear watching since spending drives two-thirds of national economic activity.
Although the pace of medical spending has slowed slightly recently (to 7.9% in 2004), spending has risen by 40% since 2000.
"These included the possibility that higher rates in part reflected growing optimism about the economic outlook that would engender a faster pace of business spending, more than offsetting the effects of the higher rates on consumer spending".
Other serious headwinds besides a growing overhang of unsold homes are expectations for subdued capital spending (far too much excess capacity in U.S. industry), job growth lagging the pace of consumer spending and a "mildly restrictive fiscal policy".
The pace of health spending could pick up again as soon as the economy recovers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com