Christopher Wood, the strategist at CLSA Asia-Pacific Markets, wrote last week:
As for US personal consumption in aggregate, it has risen by US$518bn since December 2008 to an annualised US$10.4tn in March. While personal current transfer receipts have risen by US$321bn over the same period with personal taxes decreasing by US$271bn.
Click on chart to enlarge, courtesy of CLSA Asia-Pacific Markets.
Further on, the economists at UniCredit have excluded inventories and impact of fiscal stimulus from GDP, and compared to actual GDP figures. Readers are asked to exclude also the forecasts (light gray bars and dotted line). Click on chart to enlarge, courtesy of UniCredit.
Interestingly, how much would we see of GDP growth, if we may exclude also Ponzi-reflation profits at banks?