GDP is another invention of the Keynesians. It measures consumer and, as you said, government spending. It completely ignores business-to-business spending which is larger than consumer spending.
That 70% of the US economy is dependent on consumer spending is a complete falsehood -- it's more like 30% or 35%.
Why? Because the Keynesians claim that economic growth consists in more spending -- not investment. Dumb and wrong.
GDP mismeaures the economy by pretending that all government spending is beneficial. It doesn’t account for the crowding out of private investment or the misallocation of capital. It’s really a very poor measurement of any economy.
And Corporate spending on assets has dropped 3 months in a row.
Either they are adjusting to a 2% growth rate or hunkering down. I think they are hunkering down.
Clearly the more the government spends the less acurate the GDP
Your 30-35% number might be true if you are counting total transactions rather than final value. If a farmer sells grain to a baker for $100 who sells bread to a store for $200 which the sells it to consumers for $300, there have been a total of $600 of transactions for only $300 of production. If the grocery owned the farm and bakery the first two transactions would never be counted, but the total production in loaves of bread and final sales would be the same final $300.