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Vice President Joe Biden warned on the same day that Mr. Obama would lose if "the other side spends us into oblivion".
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In Italy in 1998 the figure was US $1.1 billion [ 1] and in the United States (US) companies spent US $57.5 billion in 2004 [ 2].
We are in decline because Obama is spending us into debt.
And the dollar, at US$0.70 once again, means spending US dollars in Australia makes good sense.
He rails against "them" — whom he characterizes as "the people who want to run our lives, police the world and spend us into bankruptcy".
"Everyone realized it was these consumers who spent us out of that recession," she says.
Many economists also believe that the consumer will spend us into a viable recovery.
During prior downturns we depended on consumers to spend us out of recession.
For instance, in 2008, USAID spent US $295 million for humanitarian assistance in Somalia versus 26 million in development assistance.
The USA spent US $2.9 trillion, equaling US $9255 per person, on healthcare in 2013, representing a 3.6% increase from 2012 [5].
True, not all who get the benefit are stretched, but I hardly think $110 billion in a $14 trillion dollar economy is enough to spend us back to prosperity.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com