I carry on listening to individuals like Home Speaker Mike Johnson saying how progress below Trump was the quickest. Nicely, simply evaluating in opposition to the final three and a half years, I’m wondering how this may be true. Utilizing the newest out there BEA knowledge:
Determine 1: GDP relative to 2021Q1 (blue), relative to 2017Q1 (tan), GDPNow as of 10/18 (mild blue sq.), quarters into respective administrations, all in Ch.2017$. Supply: BEA 2024Q2 third launch/annual replace, Atlanta Fed, and creator’s calculations.
Somebody will ask about per capita phrases. If one thinks about how inhabitants progress modified through the Trump administration (pressured separations of migrant households and all that stuff), you would possibly suppose you understand the reply, however I’ll present you the per capita sequence:
Determine 2: GDP per capita relative to 2021Q1 (blue), relative to 2017Q1 (tan), per capita GDPNow as of 10/18 (mild blue sq.), quarters into respective administrations, all in Ch.2017$ per individual. Notice: Assumed progress price of inhabitants in Q3 identical as progress price in Q2. Supply: BEA 2024Q2 third launch/annual replace, Atlanta Fed, and creator’s calculations.
The race was tighter earlier than the annual replace. After all, there have been two consecutive quarters of unfavorable progress in 2022. That’s now not true (contra Heritage Basis’s EJ Antoni).
