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Exact(14)
Much of the recovery this year is based on higher consumer spending driven by the resurgence in the housing market.
It seems that a temporary rise in consumer spending, driven by borrowing and dipping into savings, is the main driver.
Partly offsetting the slowdown in private health spending was a rapid increase in Medicaid spending, driven by the addition of 3.5 million people to the rolls.
In his budget address in January, he called Medicaid "the one program that's become, and rightly so, the evidence of spiraling and unwieldy spending," driven by interest groups.
Unless there are big changes, by 2035 federal health care spending — driven by rising medical costs and an aging population — is projected to account for almost 40 percent of the budget.
The single most important factor behind the projected growth in federal spending is the growth in health care spending, driven primarily by the growth in Medicare spending per beneficiary.
Similar(44)
Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers.
Consumer spending drives 70 percent of economic activity.
Consumer spending drives the economy.
Consumer spending drives the American economy, but sluggish retail sales contributed to weak growth in the spring.
A study by Prof. Scott Goldsmith of the University of Alaska, Anchorage, noted that an "extraordinary increase" in federal spending drove the state's pile-driver growth of the last 15 years.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com