0am:The Santee, SC forecast for Apr 11 is 63 degrees and Clear. There is 74 percentage chance of rain and 4 mph winds from the South-Southeast. 3am:The Santee, SC forecast for Apr 11 is 55 degrees and Clear. There is 79 percentage chance of rain and 4 mph winds from the South.
Consumer spending makes up more than 70 percent of the economy, and it usually drives growth during economic recoveries.â ââConsumers Give Boost to Economy,â New York Times, May 1. Every quarter, when the government releases its latest GDP figures, we hear the familiar refrain: âWhat the consumer does is vital for economic growth.â âIf the consumer starts saving and stops spending, weâre in big trouble.â âConsumer spending accounts for 70 percent of the economy.â The latter âfactâ crops up regularly in the news reports from the Associated Press, the Wall Street Journal, and the New York Times. The truth is that consumer spending is not the mainstay of the U. S. economy. Investment is. Business spending on capital goods, new technology, entrepreneurship, and productivity is more significant than consumer spending in sustaining the economy and a higher standard of living.
About 60 percent of government spending comes from the federal government; About 24 percent is spent by state governments and 27 percent by local governments. About 10 percent of total spending is transferred from the federal government to state and local governments. Table 2.03: Total Spending Details FY 2016. The federal government is budgeted to spend $3.95 trillion in FY 2016, of which about $0.7 trillion is transferred to state and local governments.