Bureau of Economic Analysis this morning here:
Thursday, October 26, 2023
Tell me, Bwana: What mean GDP, why important?
Thursday, June 29, 2023
The recession is delayed, again
Thursday, July 28, 2022
The compound annual growth rate for US real GDP over the last 23 years continues almost 44% off the 1929-1999 rate of 3.53%
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.
Saturday, July 16, 2022
LOL, on Tuesday July 12th Joe Biden told the president of Mexico in a meeting that America has the fastest growing economy in the world
Biden, once López Obrador finished, reminded him that America's economy is the fastest growing in the world, while showing no umbrage and restating his respect for Mexico and its leader.
More.
Joe Biden's own US Bureau of Economic Analysis, June 29th, said GDP fell at an annual rate of 1.6% in 1Q2022:
Sunday, July 11, 2021
In 2020 global debt to global GDP soared to 356%
Friday, May 1, 2020
South Korea today has 0.0002 confirmed coronavirus cases per million population, America has 0.0033, 16.5x as many
Friday, May 4, 2018
Saturday, November 4, 2017
How to tax the rich and only the rich as originally intended in 1913, and solve a lot of problems
Friday, March 31, 2017
Krauthammer thinks Trump might go for single payer in the end, in which case Americans should get it, good and hard
6.2% in Social Security tax and 1.45% for Medicare, plus whatever taxes are paid at the state and local level toward Medicaid, which federal law mandates must account for at least 40% of program revenues. So $221 billion from 160.8 million wage earners across the country in 2015 represents another 2.98% paid by them at the state level.
Monday, October 26, 2015
The unending fascination of Sarah Palin for little Democrat minds
Here he is in full flutter in WaPo, like a moth drawn to a lightbulb, typing "The GOP’s dysfunction all started with Sarah Palin". It proves nothing but that it takes a dunderhead to know a dunderhead. The GOP has failed, he says, to distance itself from this simpleton who flunked Newspapers 101, and her ilk. Reading it one wonders when Democrats will distance themselves from ignoramuses like Bill Daley, but then you realize they're all ignoramuses. Where would they go?
Certainly not Chicago.
Bill Daley, it must remembered, comes from the same Democrat family which presided over the decades long ruination of the finances of that once great city, and with it of the state. The place is now so bankrupt it can't even pay lottery winners. Those who can flee the state, do. Illinois ranks first in America for out-migration in 2014. These nincompoop Daleys are the same people who seriously thought they could afford to host the Summer Olympics next year, forgetting how all those $100,000+ pensions for unionized teachers can really add up. As it is Chicago's bonds have this year achieved junk status, despite the highest sales taxes in the nation and the highest property taxes of any state, save New Jersey. The place is teetering on the edge of bankruptcy because of perennially spendthrift Democrats.
But Democrats have good reason to forget the size of things, especially GDP. After all under them it took eleven long years to restore the 1929 $100 billion economy back to its size, in 1940. And presently the chief Democrat holding a veto pen in one hand and a copy of Rules for Radicals in the other is on schedule to produce the very worst GDP record since that Great Depression.
At least Sarah Palin has learned a few things along the way since her quixotic candidacy, for example rejecting the appropriateness of bailouts and crony capitalism. Democrats on the other hand have learned nothing, and only keep repeating the mistakes of the past.