Recent US GDP: Nominal / Real
4Q2021: $24.0028 trillion / $19.8063 trillion
1Q2022: $24.3867 trillion / $19.7279 trillion
2Q2022: $24.8518 trillion / $19.6817 trillion (first estimate)
BEA, here, Table 3, Line 1.
Everybody's focusing on the short term decline in real GDP this year, as usual, ignoring the much worse big picture.
From 2Q1999 through 2Q2022 the compound annual growth rate comes in at a measly 1.98%, 43.9% off the previous 70-year performance.
That's the real story about real GDP. We are living in much diminished circumstances since 1999.
And nobody knows how to fix it.
