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Pentagon officials predict that total Defense Department spending will drop to $522.5 billion by 2017.
A decline in confidence is a useful predictor that consumer spending will drop.
"We continue to think that overall household spending will drop by about 1% this year," she said.
Dan Jones, who follows football finances for Deloitte & Touche Sport, reckons that spending will drop to mid-1990s levels in the next few years.
The government hopes that overall public spending will drop from 57% of GDP to 54% in 2017.Mr Valls has begun to show some steeliness.
He said that in England, where the government has pledged to ringfence the NHS budget, spending will be around 0.9% lower in 2014-15 than in 2010-11 – althatgh that means English health spending will drop least of the four home nations.
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He said capital spending in New Jersey will drop to $800 million this year, 40percentt below its 2000 peak.
A problem could arise, however, if savvy shoppers decide to put off spending believing prices will drop further, sending the economy into a negative spiral.
This year the National Retail Federation projects that spending on gifts will drop only slightly, after a dramatic decrease of over 30% during the 2008 holiday season.
The Campaign for Science and Engineering (CaSE), a lobbying group, estimates that spending on science will drop 12% by the 2014-15 fiscal year, before taking inflation into account.
And this week, the Consumer Electronics Assn., which hosts CES, released a report projecting that global consumer spending on technology will drop 1% in 2014.
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