Problem
The housing boom of 2000-2005 created wealth of over $10 trillion. Many claim that the spending of this new wealth prevented a serious recession in the early 2000s. If people spent 4% of that new housing wealth annually by taking out home equity loans or simply saving less, what would be the increase in annual consumption expenditures? (Be careful in counting decimal places.) What would happen to GDP growth as a result?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.