Nominal GDP for 1Q2024 was revised down $28.6 billion in the second estimate today: What's the big picture?

 Nominal GDP came in at a revised $28.255 trillion.

Sounds like a lot, right?

Here's the big picture.

From 1947 to 2000, nominal GDP grew at a compound annual rate of 7.26%.

From 2000 to 2024, nominal GDP grew at a compound annual rate of 4.42%, 39% lower.

The year 2000 marks the US opening to China, and the great wealth transfer out of the US from the middle class under globalism, creating new middle classes there and elsewhere.

We are poorer for it, but we have lots more billionaires now and you can read all about it on your Apple iPhone made by slave labor while you eat your 40% more expensive hamburger from McDonalds since 2019.

Why it feels like a depression

 Because average annual real GDP growth rates are so low.

Between 1929 and 1945, average annual real GDP grew at a compound annual rate of 4.74%.

Between 2007 and 2023, average annual real GDP grew at a compound annual rate of 1.82%, which is under-performing the sixteen year Great Depression and WWII era rate by almost 62%.

Up until 2007, the country averaged 3.44% from 1929. 

Something remains rotten in Denmark.

The S&P 500 closed at a new record high today: 5224.62

 

We've been getting along with ~ 2 million farm workers for over two decades, we don't suddenly need 7.2 million new illegal aliens to help them