Our compatriot and star investor Scott Grannis sent us this chart from his investment blog in response to our item last week on the American growth deficit.
This chart shows it best. We have been under trend now in economic growth since 2008 – or for 14 years. What is scary is that the slower 2.2% growth rate over this period has slowed to about 1.5% under Biden and is expected to stay in this slumping rate for the next decade.
Grannis calculates that if we had stayed on the 1984-2004 growth path, the average American would be about 22% richer today – or at least $15,000 more income per median income family.