We’ve already shown on these pages that through the first eight months of this year, government hiring has outpaced nearly every private sector industry. Now we see that the latest Commerce Department GDP revisions report a dip in Americans’ spending habits. The report showed that government spending has now outpaced consumer spending in each of the last four quarters.
In two of the last three quarters, the increase in government spending has added more to headline GDP than the increase in consumer spending. And that’s despite government spending being a much smaller portion of the economy than consumer spending. Biden’s bloated government is crowding out the private sector.
If you want to see the long term trends of Govzilla, you should get Steve Moore’s latest book on how this fearsome trend is devouring our economy.