ABSTRACT
Consumption is about 70 percent of the Gross Domestic Product. It is a fact of life for every individual in the economy. In a recession, a decline in consumption means that someone in the wealthiest 1 percent may decide to postpone buying another yacht until the next year, a woman in the middle-income group must decide how to feed her children on a lower income, and a woman whose income is pushed below the poverty level may decide to postpone her healthcare in order to provide a sufficient meal to her children.
