coming up next

Paul Volker:

Consumer spending accounted for 70 percent of the U.S. economy before last year’s economic meltdown, a level that Volcker said was sustained only by “the magic of financial engineering.”

We cannot rebuild the economy to the tune of 70 percent consumption or housing booms. It will just break down again.

The alternatives to help bolster future economic growth include boosting exports, applying innovative technology to green issues and improving the nation’s infrastructure.