Yesterday I talked about U.S. consumers accounting for about $70 out of every $100 of economic output.  I said that it is somewhat surprising that over the last 70+ years, decade in and decade out consumers have accounted for this same level of spend  in the U.S. economy. 

Whether  economic output was $741 per person (1930) or $44,000+ per person (2006,) the personal consumption expenditures (per person) were generally $70 out of every $100 in the U.S. economy. 

But if needs don't change, as I have argued, why do consumers seem to be spending so much more? 

And I left you with the idea that needs don't change, they evolve.  What do I mean by that?

Let's begin with consumers basic needs. 

In 1943 Abraham (A.H. Maslow) ...

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