Nominal GDP is up $2.1 trillion in the last fiscal year, the national debt is up $2.5 trillion

 

Payback is a bitch, or why everything sucks

Debt stopped buying economic growth, if it ever did in the first place, way back in 1982, but no one has seemed to notice.

Prosperity based on debt is not prosperity.

Debt draws forward prosperity, and then when you get forward, there's no prosperity there because you already made off with it.

It's like the polar explorer who starved and froze to death because he ate the food caches on the way to the pole instead of saving them for on the way back.

 

US GDP is so dead

 

Two consecutive quarters of negative Joe Biden GDP followed by a third projected to come in at less than 1% and Paul Krugman is worried about some other Zombie

 

Why Zombie Reaganomics Still Rules the GOP

 

Paul Krugman, New York Times

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:

Rod Dreher goes hunting a confederacy of dunces, bags prey from The Week, National Review, Religion News Service, The New Republic, Reason, NYMag, and Vox

 

American real economic growth rates in the 21st century are a catastrophe, down 44% from their 20th century levels 1929-1999

GDPCA, compound annual growth rates

1929-1999: 3.534% (almost 79% better than 1999-2021)

1999-2021: 1.979% (-44.001% from 1929-1999) 

1977-1999: 3.263% (65% better than 1999-2021)

 

 

It's like someone flipped a switch and went away.

49.8% of civilian population had full time jobs in April 2022: Potential room for at least 9.9 million more full time at year 2000 experience

On average in 2022 to date, there were 130.871 million employed full time at average civilian noninstitutional population level of 263.382 million, for 49.7% employed full time on average through April 2022.

Think of all the work we could be doing in this country, but are not.