We’ve made the case that the economy should be in an absolute boom given the giant contraction of the economy in the first half of 2020 when Covid and lockdowns shrunk the GDP from January – June of 2020 by more than 33%. We did have a big comeback in the second half of 2020, but then the recovery stalled out last year.
The latest quarterly GDP numbers were just released and this wonderful recovery that Biden has been touting delivered a Q1 growth rate of an anemic 1.1%. Even more pathetic is that for five straight quarters now average quarterly GDP has expanded by one measly percent.
Surely, America can do better than this.