Contributions to Real GDP: All About the U.S. Consumer

The pitfalls of an American economy that is so heavily dependent on personal consumption for growth is shown in graphic form below - without the consumer, it's slow going.

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The 2008 recession is shown as having started earlier this year, however, this is just my best guess - the "official" beginning has not yet been determined by the National Bureau of Economic Research.

Also note that the spike in late-2001 was a snap-back surge after spending slowed sharply immediately after the terrorist attacks. Finally, note that spending never plunged to current levels during the 2001 recession which is often referred to as a "business-led" recession.