All my life (including getting a graduate degree in economics) I have been told that 2/3rds of the U.S. economy depends on consumer spending.
If factories and jobs are moved overseas, and people's consumer spending is therefore more or less eliminated, what's the next best basis for our economy? If people can't spend because they are struggling to eat and put a roof over their heads, not to mention pay medical bills, what can we do?
I'm not able to come up with an answer. Would love to hear what others think.