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Sooo, how would the world economy do if consumer spending all across the world were to be cut by 50% and how would the world economy be effected if people were to stop paying taxes?

I don't need to go to a college lecture to figure that answer out.

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Perhaps you need to go to college to learn to ask the right questions, which is far from a trivial skill. People don't just stop spending out of the blue, that's irrational. If they do it, they do it for a reason, like loss of income, or desire to save more (to spend more later). For what reason would people in your hypothetical scenario decide to cut spending by 50%?

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My point was that every single economy in the world is effected by consumer spending. Consumer spending is the only thing that keeps every single company known to mankind in business.

People stop spending and everything collapses. People increase spending, and more jobs are created to meet the demand in consumer expenditure.

Sure you can say the money will be spent eventually, but you have to consider, the faster the money is spent, the faster the economy is stimulated. The more people out there are making money and spending money, the more the economy grows to meet that demand in expenditure.

Your perception about how strong the economy is and how easily it will rebound from such a recession from the loss of millions of job is highly ludicrous. If you followed the news about the subprime fiasco, you would have realized how close America was to being thrown into a recession because of lack of liquidity in the markets.

It took tens of billions of dollars of world bank injections as well as half a percentage point to save America from going into the inevitable recession.

I hardly think any economy would be able to withstand a sudden unnatural loss of millions of jobs.

My point about the roll these unproductive jobs play still stands.