The Key to U.S. GDP Growth

To the Editor:
I understand that consumer spending is important in that one person’s spending is another person’s income. In other words, if we all cut back on spending it could lead to job cuts and a deflationary spiral (“Retailers Are Expecting Unpredictable Holiday Sales. These Companies Will Come Out On Top,” Cover Story, Nov. 18). However, in my view, I don’t see endless mindless consumerism as a path toward America remaining an economic and technological leader. Gross-domestic-product growth in the long run is determined by productivity growth. Thus, in this country, we need to focus on raising the educational achievement and skill set of our citizens for a bright and prosperous future.

Chris Bentsen, On Barrons.com